regarding filing of itr
This query is : Resolved
05 July 2011
hi this is gaurav want to know one thing that actaully i have doubt on sone thing
i have incurred future and option loss during the financial year 2010-2011 and i am salaried employee getting salary and i have also done some jobbing income
actually sir my query is how can i filed the p&l part if i show the income of future and option as a business income and my loss exceedds the limit of mandatary books of account under income tax so sir suggest me how can i shown my f&o loss without any hassale
i have incurred future and option loss during the financial year 2010-2011 and i am salaried employee getting salary and i have also done some jobbing income
actually sir my query is how can i filed the p&l part if i show the income of future and option as a business income and my loss exceedds the limit of mandatary books of account under income tax so sir suggest me how can i shown my f&o loss without any hassale
06 July 2011
for business return, the assessee has to maintain books of a/cs if his total income is above 1.2 Lacs, however u can make schedules of transactions datewise and keep it in records, that would service the purpose of accounting.
06 July 2011
Your loss is of speculative nature and if the turnover has exceeded the tax audit limit then you have to maintain your accounts and also get the same audited.
Only after the same you can upload your return as loss under the head business and there is a column for c/f of losses.
Instead of Salary return you file salary and business return form.
Only after the same you can upload your return as loss under the head business and there is a column for c/f of losses.
Instead of Salary return you file salary and business return form.
06 July 2011
The assessee has to maintain books of a/cs if his income from business is above 1.2 Lacs or his total sales, turnover, gross receipts from business exceeds 10 lacs.
Otherwise, you need to keep relevant documents to establish profit/gain in the business.
Moreover if gross turnover exceeds 40 lacs/60lacs limit, you need to get your books audited by a CA.
According you should file ITR with salary and business income before due date.
Otherwise, you need to keep relevant documents to establish profit/gain in the business.
Moreover if gross turnover exceeds 40 lacs/60lacs limit, you need to get your books audited by a CA.
According you should file ITR with salary and business income before due date.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- LC charges in relation to Asset purchased should be Capitalised ?
- Value of property in capital gain
- Form 121 & TDS deduction
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- Transporter Declaration form
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
