Income tax return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 July 2014
I have income from salary in Assessment year 2014-15 (8 Lacs) and also I have traded in F&O this year. I have a loss of -1.25 Lacs on a turnover of 8 lacs. I usually file my IT return online and user ITR 1 for salaried income. This assessment year I have additional loss from F&O Trading now I need to show this in my IT Return this assessment year. I have below questions
1) Do I need to File ITR4 or ITR4S for the additional income ?
2) Do I need to show Loss under Income from Business under this assessment year ?
3) Do I need to get my accounts audited because of F&O Income
4) Will I have additional Tax Liability because of F&O trading.
5) What all documents I need to send to Income tax department after filing my return
Appreciate if you can answer these questions in details.
1) Do I need to File ITR4 or ITR4S for the additional income ?
2) Do I need to show Loss under Income from Business under this assessment year ?
3) Do I need to get my accounts audited because of F&O Income
4) Will I have additional Tax Liability because of F&O trading.
5) What all documents I need to send to Income tax department after filing my return
Appreciate if you can answer these questions in details.
01 July 2014
you can show as business income in form ITR-4. and carry forward for set off against future income of business head.
no tax liability for F & O Trading. you have to take the record of F &no transactions.
no tax liability for F & O Trading. you have to take the record of F &no transactions.
31 July 2014
in addition, you shall also be required to get your accounts tax audited as you are offering profit at less than 8% of turnover.
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