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Itr form

kripal (accountant) (61 Points)

05 July 2017

Dear Member,

I have following income kindly advise which ITR form I should file and in which category.

Salary,

Short Term Capital Gain from shares

Loss in speculation from shares

Thanks & Regards

Kripal Singh

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12 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160835 Points)
Replied 05 July 2017

ITR 3 for AY 2017-18

1 Like

kripal (accountant) (61 Points)
Replied 05 July 2017

Can I add amount of Short Term Capital Gain from shares & profit/loss in speculation from shares

Or these 2 two be menionted in diffrenet head.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160835 Points)
Replied 05 July 2017

Both are different as such.......... The STCG is specifically taxed at 15%.

It will be advisable to follow the statements given by the broking firm/agent.

David Chutia (17 Points)
Replied 05 July 2017

dear member,
I have a small tea garden. My income source only the tea garden. My yearly income is 300000. Which ITR filing to get a bank loan?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160835 Points)
Replied 05 July 2017

@ David :

Rule 8 of the Income-tax Rules provides that Income derived from the sale of tea grown and manufactured in India by any person shall be computed treating it as though it is income derived from business and forty percent of such income shall be taken to be the income liable to tax. While computing the income from tea, development allowance as laid down under section 33AB of the Income-tax Act shall be allowed.

As you wish to apply for bank loan it would be advisable for you to file ITR 3 for AY 2017-18.

David Chutia (17 Points)
Replied 05 July 2017

can i choose nature business as tea?
and i not maintain books of account. can i choose item 53 in profit and loss statement

David Chutia (17 Points)
Replied 05 July 2017

hello sir

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160835 Points)
Replied 06 July 2017

@ David :

When you wish to apply for loan from bank.......... Bank require last 3 years financial statements from the applicant.........

Based on those parameters, I advise you to file ITR 3.......... Because no accout case (in ITR) is not given any weight by bank, because bank cannot verify the statements produced by you with ITR.....