Tax Audit Applicability on F&O | CA Rachana Ranade
ฝัง
- เผยแพร่เมื่อ 13 ก.ค. 2024
- In this video, I am going to talk about the Tax audit applicability for F&O. I am going to elaborate the turnover calculations for futures & options in very simplified manner with the help of different examples.
Get 35% special discount on Expert Assisted ITR filing along with free notice resolution and free tax planning support. Use this 👇link to avail 35% discount
filemyreturns.taxbuddy.com/ra...
What is covered?
0:00 Introduction
1:12 Applicability of Tax audit
2:16 Example for tax audit applicability - Futures
8:32 Example for tax audit applicability - Options
18:19 Tax rate & ITR applicability for F&O
Do you want to be a person who can confidently make your own investment decisions? If yes, check out our courses at: social.rachanaranade.com/Courses It’s an opportunity to learn a lot of concepts relating to Stock Market, Mutual Funds, F&O etc. in a systematic, simple and fun-filled manner! Feel free to WhatsApp on +91 9022196678 if you have any enrollment-related queries.
_____________________________________________________________________
Join my TH-cam Memberships: bit.ly/JoinCARRYTMembership
_____________________________________________________________________
✔️ All Social Media Handles: linktr.ee/RachanaRanade
_____________________________________________________________________________
Playlist:
Basics of Stock Market For Beginners: link.rachanaranade.com/BOSM
#rachanaranade #FnOTaxation #stockmarket
ICAI has recently issued new guidance note, & as per that the premium received on sale of option is not to be added again in turnover if it is already included in Net Profit calculation. Thus, in our example, the turnover will be Absolute value of Net gain or loss, which is column H. Hence turnover for option seller will be Rs. 3,000 (09:11 to 13:10) & turnover for option buyer will be Rs. 3,000 (13:11 to 18:05).
Much needed, Great move by ICAI 👍
Thanks for clarification 🙏
Thanks a lot for giving this update on the video. I was about to comment and request to please give an update on the new guidance. I have another question. What is the effective date for this clarification. can we revise our prior year it return with the new turnover values ?
@@ankurbakshi Its effective from year A.Y 2022-2023, i.e F.Y 2021-2022
True CA Ranade tour information in T/o is outdated..it is as advice no addition of sake value
I was just about to write this piece of info. Great work btw.
2 Min silence for who all are not being profit in FNO but watching this video 🤣🤣
Ha. Ha true
Me too 😅😂
Mem ka koie v video chorne ka nhi .. she iz the goddess of knowledge
😅
Bhai F n O me ydi loss ho to itr bharne ki jarurat nhi hai
DEAR MAM, THIS IS A USER FRIENDLY,USER RELEVANT AND USER URGENT VIDEO AT THE RIGHT TIME,GIVING CLARITY ON TAXATION FOR F&O TRADERS. EXCELLENT
Thank you 😊
*Yes mam I want to know about presumptive tax structure*
Superb explanation mam ! I never miss your videos. I was looking for turn over calculation here and there,and I were not able to figure out. But this video had cleared all the doubts, and more importantly it came on right time. Thank you so much. And would love to learn about presumptive taxation.
Glad to hear that..
Ma'am, there has been guidance note issued by ICAI on this section recently say a last week. As per which Turn Over defination has been changed, so request to revise/make a new video for better/correct understanding 🙏
Pl revise
Please do Presumptive taxation and loss on Trading F&O videos as early as possible 🙏
Yes please, share the details about presumptive tax structure also.
Thank you so much mam, searching for taxation on f&o from a long time, but not getting proper guidance. This is very clear and useful 👍
Glad to hear that
Excellent video, please let us know about presumptive taxation as well. Thank you.
Good informative videos. And please also elaborate the reverse trade (3 option) in calculation of Turnover, so that many of us also get and understand the concept fully
Thank you so much for very detailed and clear explanations...🎉
This was really very useful for retail traders who have no idea about taxation on FnO. Thanks a ton Ma'am!!
Glad it was helpful! 😊
Thank you for the clarification...was always confusing for someone new to F&O !!
thanks a lot ma'am... I have been reading everywhere about F&O turnover concept but couldn't understand and you taught it in very simple way.... thanks a lot
ᴅᴍ ⬆️⬆️⬆️ ᴛᴏ ɢᴇᴛ ᴀɴsᴡᴇʀs
One of the conditions is Audit applicable if a loss or profit of less than 6% of turnover (for non-cash transactions).
thanks mam, finally understood. thanks for explaining very clearly.
Thank you for the clarification on f&o taxation. How to prepare p&l statement and balance sheet for f&o trading business
Very nicely explained. Please make video on presumptive taxation.
yeah interested to know about presumptive taxation and calculation, it will be enlightened
Please make a video on presumptive taxation
It was superb and in depth knowledge. Thank you. also please make a video on Presumptive taxation.
Thank you very much mam for sharing very much informative and useful video about tax audit.
Thank You 😊
Uploaded on proper time..
Thank you so much 🥰🥰
Thank you 😊
Hi Rachana Thanks for tons of clarifications. T/O reqd =10Cr. Want to know how can I prepare myself for Tax audit and books of A/C. I was told that because all demat F&O transitions happen online and all reports are available in digital form it's easy to maintain books of a/c. I use a Zerodha trading platform. Can you have a video on how to prepare books of a/c and prepare P&L statement and balance sheet. Also one more question on Advance Tax. How do you accurately predict your15%,45%,& 75% income on 3 adv tax dates. In F&O you are not sure how much profit or loss you will be making at the end of the year. Sorry for a long comment!!!
This is very useful ma’m. Would love to know about presumptive taxation as well
Very SuperB...I was looking for this only...!!! liked...as always...Keep doing such informative videos !!!❤🙏👍
Oh my god! So much of the confusion is cleared up because of this video. Thank you so much.
@CA R. ㊉①⑥④①②④④⓪①④② stay away you scammer
Glad it helped! 😊
Right video at the right time as I also getting messages from ITR Department to fill taxes.
Going to learn more about the stock market from you.
Glad it was helpful..
Excellent information about F&O for small traders with low investment where the profit is minimal.
Thanks for the recognition
Master video for F&O related issues, Calculation of T/O for tax audit..
Thank you very much Mam for this well explained information 👍
Thank you.
zerodha, groww has turnover filled for us in FY. so can we use it or it may be wrong?
Rachana mam, kindly confirm whether can we use the turnover mentioned by Groww, Zerodha or need to calculate manually
Why not everyone tell about this
If your total income including STCG after applicable tax deductions is below Rs 2.5 Lakh, then your total tax liability is nil and also no liability will arise us/ 111A as deduction up to the basic tax exemption limit is allowed
very well explained, Thanks a lot Rachna madam, if possible can you also explain tax calculations for profit/loss in equity short selling..
Thank Ma'am!
I want to know one thing....
Does guidance lines of ICAI issued on 19-08-22, page no 17 of PDF.... affect the calculation of turnover of options ...
very informative video, will love to have presumptive taxation video
Hi mam.... happy to see you. Thank you
Thanks! I believe investing with Tax context is useful for Tax Harvesting & mindful actions. Presumptive Income video shall be useful & info. on maintenance of books of accounts when Turnover more than 25 Lakhs and/or Income more than 2.5 Lakhs. 🙏
Thanks for the recognition, I shall surely try to come up with the video on presumptive scheme
Really helpful video mama..
I hav a doubt - whether presumptive basis can be made in ITR 3 also right..?
Thanks for this video Rachana, can one opt for presumptive taxation in case of F&O, considering it is a business?
Please mam put separate video about speculative business
Shall try
Thank you so much Rachna. Really helpful 😃👍
Thanks a lot for clarifying
yes please do a video on presumptive taxation ..and if our profits are not 6% of the turnover then too we have to file audited ITR
Yes mam please tell us about presumptive taxes 🙏
Maam now 1 ammendment has come in guidance note regarding this. We will be very happy if you will incorporate that ammendment in this video. now the turnover in case of options will be changed in your examples.
Thanks from Hisar.
Thank you so much 🙏
pls make a video clarifying when to go for tax audit and when not needed for salaried person doing f&o and stocks trading longterm and shortterm and intraday....
Very informative video, please clarify regarding advance tax for future and options to be paid
Thanks for a nice video. I would like to know how a salaried person will pay tax if FNO is additional part in his/her income.
Everything was crystal clear...Mam can you please elaborate the premium topic it's sincere request
For call option you have paid the premium and hence it will not be taken for calculation of T/o...
As per literal interpretation of the law you have to add premium received on sale of option but you are paying premium and hence call option is wrong!!
Thanks for the video... Yes would like to know about presumptive taxation also... Wanted to know how to claim losses from F&O business... Will there be tax audit applicable if we claim a loss...
Plz make separate video on presumptive taxation. Thanks
Shall try..
Madam Great knowledge Please Make a video on presumptive taxes - a loyal pro investor
Hello mam, please make video on how tax is calculated on swp and how investor can declare it while filing ITR.
@Rachana- Brilliantly taught....Super Duper Important:)
Thank you 😊
I have learnt all these things, but the confusion is in the presumptive taxation only (specifically for salaried & F&O). Hope you will explain in next video. Waiting.
In this case , you need to show minimum 6 % profit in F&O ,Plus usual salary income. But if you show profit below 6% (mostly happen when F&O is in Loss) .Then you need to Tax audit done by CA
@@casomaygarg7197 Thanks. Does this presumptive taxation applicable (or optional) only if we cross the turnover?
@@sarathkumar341 those sections work in combination. Not in isolation.
Hello Ma'am...This defination is only for checking applicability of Tax Audi or also for showing turnover in ITR??? pl reply.
Fantastic explanation of Options & Futures taxation. But strange prediction of turnover 😂. Thank you
Great Video Sir.
When Assessee is a Partnership Firm...
then
Is Gross receipt for 5% threshold calculated on total total fund inflow in form of cash and bank? or on Turnover?
Same is 5% Gross payment on total fund outflow? or on Total Turnover?
Hello Madam,
I just want to know,
Whether fees paid by the Taxpayers for portfolio management services would be allowed as a deduction under the Income Tax Law..??
Thanks,
Ravin Desai
Hi - I'd really like to understand presumptive taxation
Thanks for video
Hello ma'am this was refreshing.. pl do a video on presumptive taxation pls.
Please release video related to presumptive taxation for F&O business..thanx in advance
Thank you so much mam.
Please, do the presumptive scheme for F&O trading
Mam call or put premium ko lot size se multyply bhi karna hei??? .for actual turnover
Madam would you please throw some light on maintenance of books etc. as also how to do that.
You have explained the complex calculation part very well.
It helped me.
Thank you for your knowledge-packed videos😊.
Waiting for the next part.
Loss &
No audit.
@@tamilevil Thank you
Hi, this involves a lot of intricacies. But to give you a quick answer, in case one wants to declare loss (& not declare the profit as per presumptive scheme), conservatively one should get the Tax audit done & maintain books where Turnover is upto 2crore (because sec 44AD is involved here). Further if turnover is above 2crore & upto 10 crore then you need to maintain books & need not do tax audit(considering cash payment & cash receipts are upto 5%, as said in the video). And if the turnover exceeds 10crore then tax audit is required to be conducted.
@@CARachanaRanade Thank you
After seeing another doubt popped up that the turnover calculation is only for knowing tax audit applicability?
And for showing in ITR the same turnover to be considered or just the sale value(ignoring absolute profit and loss) to be considered?
Hello!!! thank you so much on the informative video. Yes please tell us about presumtive taxation as well. That will be great.
We appreciate your amazing work that you do as always👍👌🙏
Thanks for recognition
Presumptive Tax Video Request!
Plz cover a whole series on taxation , carry forward loss etc for cash and F&O segment... 🙏
Shall try
Hi madam ,
Advance Happy Independence Day 🇮🇳
I have a doubt regarding F&O that is irrespective of turnover is it necessary to show books of accounts for income tax filing and what is the tax treatment if a person is trading in equity,equity oriented fund and f&o .
best explanation ever, Rachana is a genius
Whether this calculation is applicable on carry over trade or Intraday trade or both?
Mm u r the best
Please mam do video on presumptive taxation
Go ahead with presumptive tax vedio please
hello mam, I have a doubt that how to calculate turnover in case where a call option holder sell his right before expiry.
Madam your presentation skill is mind blowing.Please make one video on how to analyse/read balance sheet particularly for Bankers while putting credit proposals.Thank you.
मी आपले मराठी व्हिडिओ पण बघतो. आपण खुप चांगल्या पद्धतीने समजाऊन सांगता. खरंच मनापासून आभार.
धन्यवाद 😊
Great, please proceed.....❤
We need to know presemtive case....and what benifits it has...wwhen to use it.....
and thanks for detailed video
Thank You 😊
Good Info. Thanks.
Mam, this is defferent level🔥🔥🔥🔥
Mam for options u didn't add lot size. So, we have to multiply the turnover with the qty to get the actual turnover right?
Everyone's question who came to see the video is what all are allowed expenses which can be deducted from profits? That's the million dollar question. The info provided here can just be downloaded from the back end of any broker.
How about the taxes for the transactions on F&O, Equity, Derivatives- LTCG and STCG etc... these are the costs involved in conducting the transactions. What is the tax treatment. Can you also please make a video on the filing part of both equity, F&o and Futures transactions. The key and important points to be noted for tax filings. Also, If Tax audit, who has to do it? is it a CA,in case if the turnover is more than 10CR? thanks a lot.
Do I need to pay advance tax for f&o earnings ? As we don’t know whether year will end with profit or loss so how can we calculate advance tax ?
Ma’am in the example that you showed for options …..can you show the overall ROI as well.
Will clear up the fact that, if the person is in actual profit or loss end of the year
Hi very good video rachna mam, one things i want to know i have no other business , i want to carry forward my f and o losses , then audit is mandatory ? Turnover is less than 5 lakhs. Pls reply
you are educating us through your videos ..
keep up the good work ma'am
Really appreciate it
Thank you 😊
So, If I incurred an FO loss of 100000/- and have salary income & other income as well. and turnover as per this is 1200000/- then would I need to get the tax audit done in order to adjust this loss with other income???
Pl post a video about presumptive itr taxation
thank u so much.. as a engineering student its like 'dimmag hill gaya'
thank u for this effort maam
Great...
Hi Rachna, can u pls make a video on the concept of rupee appreciating n depreciating. I am always confused if 1 INR = 70 USD vs 1INR =80USD, has the rupee appreciated or depreciated ...u explain things so well, can u explain this as well so that I have my concept clear. Thank u
Shall try
Informative