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Salary + F&O Trading | How to file ITR | FY2021-22 | AY 2022-23 | Tax Audit Clarifications
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- เผยแพร่เมื่อ 12 ก.ค. 2022
- Dear Viewers,
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In the series of Income tax laws, we are excited to present our Next Video on When to have a Tax Audit in case of F&O Trading along with Salary Income.
Which ITR to be filed, How to get saved from Tax Audit Compliance.
Regards,
R J R Professional Bulletin Team
#ITRSalaryandF&O #ShareTradingITR #TaxAuditonF&OTrading
Clearly explained sir,, Thank you very much 🎉🎉
Very informative and clearly explained with examples.
Too good very informative .I have seen so many video but this is complete and very precise .God bless you dear .Keep educating people like this .
Very good information
Mera salary.8 lakh
F&O me loss hai 6 lakh hai to kya karna sahia
Great great great👍👏😊 information.... Pura clear ho gaya
I saw 10+ video but your video is best.
Your information is good but contradictory with your previous videos and act:
1) As per my understanding tax audit is applicable only in case he has opt for presumptive taxation scheme if turnover is below 6% or 8%
2) I think 6% is minimum profit u/44AD...If you have more than that then you have to report that profit...
Please clarify if I am wrong
Very nice explanation of itr with presentation in details. Thanks.
very clearly explained...thanks a lot!
Sir, What is the current scenario in AY 2024-25 ? Please elaborate or send link of video if already uploaded.
Sir, Thank you very much for taking so much time and effort for this explanation. In the case studies, we have assumed total cash transaction of more than 5%. I have two questions:
1. This 5% amount is calculated on Salary only or on (Salary + Turnover from F&O)?
2. I am a salaried person and perform F&O trading. For my personal expenses, I perform UPI or debit card transactions. My total cash withdrawal from ATM or branch is less than 5% of my annual salary. In this case, will the assumption of total cash transaction of more than 5% hold true for me?
Great sir...such a valuable information shared..thanku
All details are explained very nicely , except the 5% cash transaction information is not understood and not clear because of which unable to comprehend if Audit is required or not. Video may be ammended accordingly to make understand clearly as what is this 5% cash transactions . FnO activities being 100% digital , 5% cash transactions is very confusing
I interpreted exactly as you did on confusion regarding meaning of cash transaction. Did you get any clarification?
Not yet
What do u mean by cash transactions? how to determine if my cash transactions is less than 5%?
I disagree with the opinion that for turnover less than 2 cr and profit less than 6% need to do audit. It is only if the person has filed under 44AD in any of the previous five years. There is no mention of audit in any section of Income tax act if turnover is less than 10 cr and the person has not availed presumtive taxation previously. Pls point us to the relevant section under which you are giving this advise?
You are absolutely right as I have done it practically and returns got processed
Shall we need to show f&o sale and purchase amount in p&l or directly can we directly show loss amount ?
@@bharathi3867 you need to show turnover and buying of F&O in p&l account
@@hemantmamnani5626 but Sales are above 5crs , if we show that does it affect return processing... Turnover is 10 lacs only as per F&O computation...
@@bharathi3867 show turnover not sales
Nice representation🙂
Thanks for the very good advice and inspiring vedio ❤❤❤
If a pensioner has income of pension as well as income from Agricultural land purchased by him jointly with his one of married daughter and son in law.
Then What is detail procedure to file ITR.
VERY NICELY EXPLAINED,THANK YOU BRO,LOT OF THANKS FROM TAMILNADU,WHICH ITR IS TO BE FILED FOR SALARY+F&O LOSS+MUTUAL FUND PROFIT,PLEASE REPLY
What does cash transaction mean in this video? And how to determine 5% of cash transaction?
SIR. I HAVE SALERY INCOME OF RS 1.50LAC . AND INCOME FROM SHORT TREM CAPITAL GAINS FROM STOCKS IS RS 5.50 LAC. CAN I FILE ITR 4 AND CONSIDER TURNOVER OF SHORT TERM CAPITAL GAINS AS BUSSINESS TURNOVER WITH 6% NET PROFIT(44AD). PLZ PLZ REPLY.
Sir can we consider cash transactions less than 5% as all that transactions are online... in that case no tax audit will be required..
Dear Viewer,
Cash transaction not only means business turnover related transactions.
In case of an individual, even the personal cash transactions (e.g. rent payment, household payments) needs to be added and checked for 5% test.
Happy Reading !
Thanks for sharing this valuable information
Sir thanks for d efforts in educating people
As I am a government employee, can I trade in NIFTY 50 and NIFTY BANK option chains?
No
Thanks ! one doubt, for the FY 2023-24 if FNO income is more than 6% and turnover is less than 2 Cr, by which date can we file return by presumptive taxation ? can we do in April 2024 ? please clarify, Thanks in advance !
Turnover kaise calculate krege jo individual less than 2.5lakhs income kama rhe hai and unki >5% cash transaction hai??
Need help - which section of itr3 need to show income from Infrastructure Investment Trust (InvITs) (got interest and dividend) and what is tax deduction show for same
Sir please explain what should I do? salaried person, gross more than 2.5 lakhs and f&o turn over less than 2 cr. What kind of ITR file do I have to do?
Thanks sir for providing useful information
How to file ITR3 for Business income plus FnO loss.
I have income from family pension, rent, f&o, intraday trading ant some some income from other sources.
Which itr I have to select? I am very small trader turnover is less than 4 lac. Total income is maximum 14 lac.Kindly suggest what I have to do.
@RJR Profite & loss is not your turnover
Excellent explanation. Pls send video for financial year 2022-23 also
what about non salaried person. ? which ITR is to be used. I am having only interest income and house rent income
Simply file ITR 1
Option turnover 3.5 crore salary 13 lakh yearly loss hi huaa hai. 95 % se jyada hi digitally transaction hai . Kya mujhe audit karwani hogi.please advise. Mujhe kaha ja raha hai ki audit kawani hogi .aap mera doubt clear kar sakte hai. Aapne bahut hi achha video banaya hai.
Sir video is very helpful. Could you please clarify 5% of what income? if explained this part with examples it would have been more helpful...
Sir if i have two income
First business 44ad
Second intraday,
Which itr form filed,
If itr 4 then intraday wala turnover kaise dikhaye means business wale k sath merge.
Sir, my salary income is less than 250000, my F&O turnover is 381500 with cash transaction less than 5 percent and there is loss of 181000 then can I file ITR 3 and carry forward the losses or should I file ITR 4 with showing 6 percent profit of turnover.
Sir, Yadi, salary 20 lac and F&O me 2 lac loss and short term +long term me 10 lacs ka profit hai to kon sa ITR ? fill krna hai ..
Sir case 4 mai kon sa itr form file karenge nd kitna income show krenge
Sir ap regular class start kare gst Or income tax pe
salry with fno loss , it will rejecting when reviewing asking dividend
I can use ITR 3 also and use presumptive taxation right?? like i will show 6% profit and get rid of tax audit??? am i correct?
Sir Thank you for your information . Sir I am a salaried person and I have Option profit around Rupees 2000000/- Twenty Lakhs in FY 2023 -2024 . I HAVE ALREADY FILED ITR 3 FOR FY 2022-2024 . PLEASE KINDLY INFORM ME HOW I WILL FILE ITR FOR FY 2023 - 2024 . THANK YOU SIR .
Can anyone explain me the 5% cash transaction? What does it mean?
Sir mai salaried person hu aur intraday trading karta hu aur etf aur mf me invest karta hu aur tax slab me nahi ata hu par trading me nuksan hua hai Jo mere ko future
me benefit chahiye to konsa itr bharu
salary ka aur F&O ka itr alag alag bharu ya koi ek itr file karu
Mera monthly salary 35000 hai
Sir Maine ITR-2
Income from other Sources ke Winning from Lottery/Games Me
11000 Income dekhai hai..
Jispe 194B me 3400Approx TDS bhi Deducted hua tha...
But ITR 2 File Krte time total taxable income under 500000 hone ki wjha se TDS Refundable kr de rha hai Automatically.
Sir Kya 194B k TDS Refund milna Chahiye ??
Agr nhi milna chahiye to kaise TDS Unclaimed kru...
सर अगर कोई कुछ दिन f&o me treding करता है, 4 ya 5 हजार ka उसका लॉस ho जाता है फिर वह ट्रेडिंग band kar deta hai to use bhi ITR भरना पड़ेगा भले hi uski टोटल income 2 lakh तक ही है
For exaple I made turn over of Re 9cr and made profit of 20lcs , audit is madatory or can i opt
Superb sir
very very nice
sir in case 4 which type of itr have to file
thanks for informative video
Can a govt servent do trade share market Intraday, F and O ? Is it not offence ? isn't he suspended? Please give me information
Sir me pvt job karta hu kisi company me or salary bank account me aati he or sath me mene option me trading ki jime muje 80000 ka loss ho gyaa to muje konsi ITR bharni cahiye ITR-1 ya ITR-2??
What if I am overall in loss... Do i still have to mention in itr ?
Awesome
Why there is a need of clarification on cash txn wherein all txn of F&O are digital.
currency trading ,commodity, n fno both combined ?
If my income is below tax limit and option loss rs19000 and turnover is 600000 then what will have to file itr and tax Audi and books of account required to maintain
Please reply
if my income is less than 2.5L then i need to have tax audit only if my income is greater than 5% only. correct?
In case profit is more than 6% then higher profit should be shown and cannot be shown at six per cent
Dear Viewer,
If we are opting Section 44AD, then we can claim the optional income rate (6%) given in such Section even if the actual profits are higher. If loss cases can be subject to audit due to 44AD rate, then in case of profit also, we can take benefit.
The view may differ in this case.
Happy Reading !
Disclaimer: The videos posted to this Channel are meant for knowledge purpose only and the views are personal views of the creator. Please go through with the relevant Act, related rules, judicial rulings before applying the provisions discussed. Content creator do not bear any liability/ responsibility.
Aap kah rahe ho ki hum audit se bachna chahte hai to loss bhul jao aur profit pe tax de do to kya jo loss hua hai uska bhavishya me koi fayda nahi hoga.
Plz reply
Can Income from Futures and Options be treated in Capital Gains
Sir my my turnover in f/o is 1.35cr net loss 3.10lcs should I go for audit and no other income
No
Sir In Current Fiscal Year My Option Trading Turnover Crossed 10Cr Limit In 3Months And Not Yet Profitable. I Will Need To Get My Audit Done. Could You Please Tell Me Approximate Cost Of Getting My Audit Done And Return Filing For My Fno Turnover?
If There Any Issue If My Turnover Get Exceeded ?Please Reply If Possible
Maine 6k invest kiya tha 2 saal crypto mai binance se or tora sa profit hua hai kya muje or share market mai option trending mai 5k loss hua hai itr file karna padega please reply 🥺🥺🥺🥺
really helpfull...80%....
i had filed itr on cleartax now can i file return with F&O trading losses on incometax portal ?
Salary means what salary ? I mean govt officials salary or private company employee salary please clarify
Superb video..👍
In my opinion, if the accounts show a higher profit than 44AD then the higher profits have to be considered
Sir agar bussiness income+ F&O trading h Or F&O m 4000 ka loss h Or bussiness income m 450000 ka profit h th kya audit krwanioadegi?
sir mujhe f&o trading me loss hai aur mera tax audit hona hai to mere liye tax filing due date kya hai. 31 July or 30sep ?
F&O loss cannot be to setoff for salary income..
Very informative session - I have query related to 5th scenario - Why government will allow tax on only 9 lakhs when my actual gain is 20 lakhs ? doesn't seems so simple. Can you please clarify.
Yes it's right if you opt presumptive tax benifit under section 44AD which is for 5 years.
भाई साब presumptive taxation opt करने के बाद आप लॉस में भी रहोगे तो आपको टर्नओवर का 6 % प्रॉफिट ही दिखाना होता है😂 इसलिए जब कभी भी आपका प्रॉफिट टोटल टर्नओवर के 50 परसेंट प्रॉफिट भी बना लिए तब भी टर्नओवर का 6 परसेंट show कर सकते हो , presumptive tax opt के 5 साल तक
Apka matlab hai ki bina audit ke hum loss carry forward nai kar sakte par ye mujhe doubt hai
Sir ITR 2 pe live video with including salary+arrears+mutual fund gain please sir
can a govt. employee do the as per your video? please reply.
Meri salary income 3lakh h and STCG 27000 hai.. fno turnover 11 lakh and loss 6500 hai... kya mujhe v tax audit karani padegi
sir my f&O loss is 10 lakh and salary is 7lakh and digital payment is more than 95% . Should I tax audit.
Sir please f&o pe turn over kaise nikale
Sir, if net FO profit is 15 lacs and turnover is 20 lacs...
May i show 6 percent on 15 lacs i.e. 90000 income only.. pls reply
No, you can show 6 percent income only on total turnover it means on 20 lacs
Sir my sale is 1.15 crore. All sales pertains to trading in share market mostly in future and option. my income is 1.25 lakh. all transaction are online. profit is less than 6%. i may require tax Audit or not.
Make video on rental income and f&o trading
Can you please attach the PDF
Pleae also share notes
Can we file in ITR 2 for salaried person having carry forward F and O losses .
You must file ITR 3 if you want to carried forward losess
Audit kaha kare ??? Charge???
Regarding Tax Audit, As per section 44AB the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crores in case when cash receipt and payment made during the year do not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of business transactions should be done through banking channels. Now my f&o turnover is 1 cr 50 lac and I incurred loss of 4 lac effective , Since I do all transactions online I should not be eligible for tax audit as per above 10 cr clause right? But my CA is going for tax audit. Kindly help to clarify how tax audit is applicable to me if my turnover is below 10 cr and all transactions are online digital? Is there any further clause applied on top of this which makes 10 cr clause void for me?
Plz anyone give a reply
Since you are having Loss and to carry forward the loss you have to tax Audit.
No need to tax audit
If you don't want tax audit.. Then don't carry forward loss
file kaise karne h yeh kon batayega
Sir, I need your assistance.
It is extremely urgent!
My f&o loss is only 6,000k, but my CA is requesting 22,00k in tax since he claims you must pay 6% of turnover.
Please, could you assist me with this?
Kya audit karwane se mujhe fayda hoga
Sir subscribed
I'm a salaried person and did f and o transaction with turnover of 45lakhs and incurred a loss of 75 thousand, can I carry forward this loss without audit? Can anybody confirm
No, you can carry forward the loss only in case of Tax audit.
Good Evening If its possible please explian in English also .
Deva
Hi sir, I am a salaried person earning 12LPA and I did some F&O trading with turn over of 1.1 crore and profit of 50k. Should I file ITR 3 and should I do tax audit. please answer this sir.
yes you should file ITR 3 with maintaining Books of Accounts under section 44AA
Audit is not required in case F&O T/o Limit is 10Cr.
You need to check your last five year Return
Not Opted /Filed under Section 44AD
WRONGLY EXPLAINED 44(AD ) 6% or actual which ever is higher need to show in ITR .
Sir my salary 7 lakh... And stock delivery, intraday, f&o loss 1 lakh..... Konsa itr file karu
ITR 3
Sir mera options turnover Rs 22289732 hai
Aur options Net Profit RS -321012 hai
Aur F&O charges&taxes Rs 53226 hai kya mai ITR FILE KAR SAKTA HU
MAI EK CENTRAL GOVERNMENT EMPLOYEE HU
Hiii sir aapne kaise bhara hai itr