CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

Sharing the knowledge is my hobby.

Favourite field of activity is Income-tax .

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HARSH KUMAR BHARDWAJ says : Leave rules during Articleship
Suppose i worked on Sunday and after that, i took a compensatory Leave for that Sunday on the day of Monday. Leave on Monday is actually the Sunday that i have availed. Will this compensatory leave will be calculated in actual leave taken.

Saxena says : consolidation of accounts
Dear Sir, pls guide me as to how do I consolidate accounts of different currencies Thanks

gandhi says : vat
sir, i had a doubt regarding to vat in my organization we made exempted purchases from rajasthan and but we collecting vat from our customers is it right or wrong.

Raghavendra kumar says : Sale of gold
hai sir i have a doubt on capital gains regarding that is there any capital gains arises on sale of ancestral gold which resulted in to huge inflow of money.

Nikhil Jain says : Income Tax on F&O trading.
Hi, I got profit and losses in F&O section. In total, I have around 20k Loss with turnover of about 6 Lakhs. Do I still need to get my books audited? I mean I do not have any profit. Is it still required to pay income tax (on loss). Is it mandatory to show the losses in ITR form? If I do not show, will I get the notice? Now, u told that, if u get a income tax notice, you have to pay 8% of turnover. Now, I do not understand that I did not make profit I F&O, but still I need to pay 8% of 6 lakhs which is 48000. This much is penalty or what? Why one has to pay this even if he is in loss? Please reply sir. Thanks Nikhil