Loss from speculative business cannot be set off against any income other than income from speculative business. However, the non-speculative business loss can be set off against income from speculative business.
Futures and options losses if we want to carry forward we are supposed to do tax audit, there was nothing about futures and options but it was a sponsored video from quicko,finally wasted my 40 minutes
dear Rachana, am writing to you Bangalore, i would be really grateful if you let me know hoe to enroll for your classes, awaiting your reply, regards Preethi.
Ayyo medam you are super 40 min video it's your invention but personally I think you can make it in 10 minutes please don't mind since it's your professional video please 🙏
This is a CA Inter student who just read Capital gains today😂 you r Right here 7:56 and other definition sections are😝 Sec.2(47) - Transfer Sec.2(42A) - Short Term Capital Asset Sec.2(29A) - Long term Capital Asset
Need for fno audit, what expenses can be applied as part of options business to reduce tax - key miss in the video which would have helped lots of people.
If you have a 75k loss from f&o, and your fo turnover is 13 lacs, then if you go for presumptive taxation with ITR 4, I think you can't carry forward the loss unless you get the accounts audited under 44AB ..You didn't mention the point of audit..that was the main point You can carry forward loss with ITR 3 without tax audit but books have to be maintained.. Specific details are required and not just half baked learnings
Taking your Example Turnover is 13L Minimum rate of 44AD is 6% . You will be declaring 78k as "Presumptive Profit". If you don't want to declare even minimum rate , then Audit is Mandatory. In this case even though u made loss, you still have to declare 78k as profit That is if you want to avoid Tax Audit.
@@girishreddy4430 yes..that's the point..If I don't have any income, I can declare 78000 as profit wothout any tax liability as it is below basic exemption .. BUT TO CARRY FORWARD THE LOSS AND USE THE BENEFIT IN SUBSEQUENT YEARS, YOU CANNOT FILE UNDER PRESUMPTIVE..THEY BOTH MISSED THAT MAIN POINT
F&O has been excluded in section 44AD and 44ADA . Under any circumstances you can not take F&O and intraday as presumptive taxation . 2nd point - You do not need an audit until your turnover crosses 10 Crore because F&O transactions are purely digital and cash involvement is less than 5% . Please note - Audit is not required even if you have losses , we have an advantage because no cash is present . In other business audit will be required in case of losses .
@@abhishekmgoyal I forgot about that new 10 crore limit but I am doubtful about F&O being totally excluded from presumptive income. Is it a notification? And if it is so,why then these people (one of them CA)are giving people advice to file FO income under presumptive?
Beginning of the video, you said there were many questions from viewers and you have consolidated all the questions, however i felt only 2-4 questions were discussed during entire video. I feel it was more of a promotional video for quicko rather than educational video. Regarding personal data security (in case of breach) , Vishvajit did not tell whether customer data is encrypted or not.
Thank you so much Rachna ma'am and Visva sir for your help. I was very much anxious regarding filing my ITR and you guys have made it all clear for me. Thank you
One pointer to note doubt here i think i am right here. If you're turn over is more than 2 CR. And your profit is below the 5 lakh then i think one's should file ITR. Because here turnover criteria fullfil . What about this ? Anyone who knows .By the way i am also engineer 😂😂 learning finance as well.🥳✌️🤟
The video, could not answer a basic question, that how Intraday in FnO is taxed, they only talked about Intraday in equity, but we know that intraday can also be done in FnO, so how that is treated?
You could have mentioned some details on the ITR that is to be choosen for filing if it is only stocks/it is stocks plusF&O etc. thanks. MAy be you can plan for a detailed video/videos... on all topics related to Stocks and Investments, F&O etc. with details on how to decide on the turnover. what are the limits when one should go for audit etc?
is it possible to report F & O losses to be carried over by filing a revised return at a later date and now filing a return in time without reporting F & O transactions ?
I expect get some real picture of f&o taxation. Like if i have x amount salaried income and y amount of f&o profit what would be my tax liability. But it is nothing but a Quicko sponsored video.
I am an house wife and if I earn more than 5k dividend in a yr and apart from from that i dont have any other income source, so do i have to pay tax return even though I came in 550000 exemption??
What about the income after paying taxes up to 31 July means income after July. Supposed if I made 1 crore this year before 31 July and I pay my taxes on 1crore on 31 July and later on I made 2 more crore on next month upcoming months and then before one month of the clossing of financial year I made loss of 3 crore then my net income will be zero, so what about taxes I payed by me on 31 July. Kindly tell me I am so confused about taxation.
I was about to start a PVT LTD company for F&O Trading ,I would like to know that when I start trading with my money in that company is there any requirement for NBFC License?
This is less of the subject and more of promotion.. F&0 taxation is lot more than your inputs which is is a birds eye view. I am a bit follower of you so disappointed with this
