Thank you. What is the meaning of "Where a reverse trade is entered then difference thereon should also form part of turnover?" This is for option turnover calculations.
This is really helpful Sir. I have been your student in the year 2013-14. Just found this video today while searching for tax implications on options trading. Amazed to hear you again. As always it was very informative with such clarity. You always make it sound nice and easy. Reminded me of my classroom sessions.
Hello Sir, My F&O turnover is above 10 Crore trade wise & I have a loss of Rs. 1.25 crore. Please guide how should I prepare P&L account in audit ? ( As my expenses are of Rs. 50 Lakh Only)
Anoop Ji, sirf yehi dua mangunga aap ke liye. Bhagwaan aapko 100000000000000 shaal ki zindegi dein aur aap aise hi knowledge share karterahehain. we all love you Anoop Ji. aapke awaaz mein sachai hai aur aap jo rule hai wohi bolrahehain. God bless you.
Bohot Badhiya Bhatia ji... maan gaye, itna clear cut samjhaya aapne. mera kuch sawaal hain 1. Agar koi f&o individual trader loss dikha k loss carry forward krna chahta hai... to kya audit mandatory hai? 2. ek Individual kya FD interest ko Carry Forward loss se setoff kr sakta hai kya?
Thanks Saket ji. Showing loss does not mean that an audit is required unless turnover exceed the threshold limit. FD interest can't be set off against c/f losses.
@@CAAnoopBhatia but sir ye income to non speculative hai and isko to hum othe income se adjust kar sakte hai Sp fd interest se kyu nahi kar sakte..plz revert
Thank you so much Sir... Making this video for educational purpose.... 🙏🙏🙏🙏🙏🙏🙏.... I want one Separate Video... For TRUST accounting & How was the Cycling of Trust...
1. Sale in P and L will be actual sale value right? And turnover calculation done is only to check audit limit. 2. 5% cash will be taken on actual sales or turnover calculated as above? 3. Is it okay if actual sale value is greater than turnover calculated? Even if it crosses audit limit but calculated turnover doesn’t?
What to write in "sales" and "purchase" in profit and loss account? As "Sales = Turnover" is what we do in common practice. But here "Turnover" is different than "sales".
Sir.800000per annum Salary holder ka f and o turnover 1.1cr hai. Loss 70000hai.kya tax audit karna jaruri hai. Kitna tax bharna hoga Kindly guide ,Sir.
It is really wonderful to listen your video with clarity. I am retired employee aged 78 year and I keenly follow taxation subjects. Now my query is why an assessee, whose business turnover on option trading is Rs 20 lakhs in the year and incurred a loss of Rs 4 lakhs and did not maintain books of accounts as per sec44 AA, as the turnover is less than qualifying turnover of Rs 25 laks, And got the ledger and p&l statement from the broker & in none of the previous years did any business and never opted for presumptive taxation of sec 44 ad any of the previous years, as it did not maintain arise as this is first year of business & Has other income from Other Sources more than taxable exemption limit say Rs 10 lakhs Is there any need for tax audit and to maintain books of accounts as specified? ,
Thanks Sir for kind appreciation. In my opinion in case cited by you tax audit is not applicable if there are no cash receipts / payment involved as such, however, books may only be in form of ledger statement, P&L given by broker.
For the below scenario: Taxable income from salary: 12 Lac approx. Short term profit from stocks/MF: 10k Total Turnover (Intraday, Options & Futures): 20 Lac approx. Total Loss (Intraday, Options & Futures): 2.5 Lac approx. 1) Do we need Tax Audit to carry forward current year losses? 2) How long can we carry forward the Intraday, Options & Futures 4yrs or 8yrs. 2) Which ITR do we need to fill and how many years do we need to file the same ITR? 3) Do we need to maintain Books of account? 4) If BOA required then How and how can maintain BOA?
Prima facie tax audit would depend upon turnover, pls refer my recent video for tax audit it will guide you more better. Further intra day losses can be c/f for 4 years and other (F&O, delivery etc) may be carried forward for 8 years. ITR 3 shuold be filed, books should be maintained. Pls consult your CA for precise reference.
Hi Bhatia Ji, you have very authentic voice and your detailed explanation is much appreciated !! It will be great help if you help me with my queries .Many other CA are saying that one need to go for CA audit even if his transaction is less than 1 crore and he is in overall loss, only way to avoid CA audit is to show 6% of profit and turnover less than 1 cr which is contradictory to what you have explained. In my case my turnover is 59 lakhs and overall loss of 4 lakhs , do I need to go for CA audit and what should be the Nature of business Code?
Thanks for kind appreciation Kabir ji. However, as per my understanding there is no need to offer minimum 6% or 8% income, you should offer actual income in your ITR.
Sir, thanks for such a valuable information. Sir my doubt is, can we set off losses of other normal business from F&O incomes. Please suggest. Thanks a lot.
"Where a reverse trade is entered then difference thereon should also form part of turnover." इसका क्या मतलब होता है सर ? यह ऑप्शन का टर्नओवर का तीसरा पॉइंट है।
1st of all thank u for such informative video...wanted to ask weather short term capital loss of last year from equity shares can be adjusted with this year's Gain from f&o..pls guide
Specially, Make a video on swing trader who doesn't have any other JOB OR BUSINESS No intraday f & O but thru Equity Investing only that taking positional trade < 7 months making 8-10 lakhs unrealized profit ... For Example kanchi karaporam bought at 400 it is at 3x+ now... CMP 1300 + , How one shld calculate Tax if profit is booked. Kindly, make videos with specific examples...
Sir, Thanks for your video on FNO. Request to please guide as to how to pass entry in books so that we can show actual turnover and profit or loss. As we are ignoring negative sign, it is confusing.
Bimal bhai in my opinion there are two ways to do it eithe book each and every transaction in books or book few consolidated entries in the books for respective category wise profit or loss.
Sir thanks a lot for making such video on my request. You have done all doubt clear regarding F&O trading and I hope it would be beneficial to all of us. And enhance knowledge of everyone. Again thanks with regards. My suggestion about point which may be added 1. Under section 44AA criteria for maintaining books and account if business income (PGBP) is > 2.5 lakh or turnover is > 25 lakh 2. Example of calculation of turnover in options trade should have been given. 3. In which conditions department treated short term capital gains as a business income . Sometimes delivery based short capital term gains are treated as business income if transactions are more and frequently done. But department doesn't give clear definition of "more and frequent transactions " its a subjective matter. Thanks to you from my heart
Sir Please do guide me if my analysis is correct or not. Case I: Mr x has loss from F&O Rs 150000 and turnover less than 1 Crore Then audit is not mandatory & it will be treated as normal business loss Case II: Mr X has loss from F& O Rs 150000 and turnover more than 1 crore but less than 5 Crore Then also audit is not mandatory as we can apply the 5% rule of cash payment and cash receipts. Case III: Mr X has salary income Rs 10 Lakhs and income from other sources Rs 56000, Loss from F&O Rs 150000, Turnover less than 1 Crore. Then it will be treated as deemed tax audit right?? because income from salary and other sources is greater than the basic exemption limit of Rs 250000.
Sir in case 1 tax audit is not required in my opinion, in case 2 if you satisfy 5% clause audit is not required. In case 3 even if you satisfy 5% clause tax audit will not be required.
Trading is not my main business activity. First time only few transactions in F & 0 around 9 Lakh...and loss arising of 2 lakh .. Can I treated this as capital loss...and set off them from my STCG ???
Hello sir I am trading in f&o since march 2019. And I continue in lose . But I didn't file itr. Kya mujhe future me koi problem Hoga lose Ka ITR na bharne se. I don't know about ITR. Aur kya Mai abhi Apne Sare lose fy 2019-20 se abhi tak Ka Carry forward Kar Sakta hu. Please guide me sir. Thank you.
For Option turnover, please clarify - Buy option premium is Rs. 10K and Sale option premium is 22K so profit is 12K. So Turnover is Rs. 32K(10K+22K) or 34K(2K+10K+22K) or some other way. Please guide
In my opinion every option contract is seperate one, thus is on buying you incurred loss of Rs. 10K then on sale you booked profit of 25K total tunover should be 35K further if you also got premium of Rs. 2K at time of sale of option then that should also form part of turnover. Rest refer the ICAI guidance note on Tax Audit.
Sir F & O transaction related to agri comodity is normal business and prof income or speculation transaction??? If normal busi & prof but last year i considered as speculation transaction and now FY 19-20 can i taken as normal business and profession. FY 19-20 also appx 20 lacs loss Please guide me🙏
Sir, if we have FnO loss as non speculative business loss and same year also have capital gain(less than 1 lakh) Do I need to set it off compulsory against FnO loss ? As capital gain is less than 1 lakh , it will be exempted. And I can carry forward all my FnO losses ahead..
Sir, Can F&O profit be set off against losses of Short term or long term and If f&O is not under head of speculative business than under which head it will come
This is very good. One question though, what about losses? Does one needs audit if there is a loss? This is painful as unless one's turnover is high, audit is a burden.
@@CAAnoopBhatia Thank you Anoop. Lot of things surrounding trading income is not clearly defined by IT dept. While Filing the IT return, Do you enter data in 'Accounts not maintained' section or other section? As other sections are not actually relevant and applicable only for Manufacturing or trading.
Sir agar ek he company like HDFC me multiple times same day me he f&o me koi trade karta hai or uske har trade me kabhi profit hota hai to kabhi loss Jaise ki 1st trade me 4000 profit 2nd trademe 140000 loss 3rd trade me 15000 prpfit and uska un sabhi trade se final 5000 profit rehta hai to uskaa turover 5000 hoga yaa fir uske har trade kaa sum means 33000 rs Plz revert.
Sir your explanation was very clear. I would like you to do a video on options with an example, to understand the addition of premium and reverse trade in the working
Sir, can you please clarify this, If I'm trading in Options through my company account, my company will be paying 25% as tax, further, if i want to take that remaining money out, there will be further tax on that remaining 75% amount which is paid as dividend to me, this is as per my tax slab anyway. So its double tax. So how is it beneficial to trade through company account, as few suggest on internet, when compared to trading in personal account where i will just pay tax(once) as per my tax slab?
My F&O turnover is 1crore and actual profit is 15 lakhs. Do I need to pay tax only on 6% ( 6 lacs) income or on 15 lacs as per section 44Ad ? Please advise. Thanks.
If a future contract is sold on the 3rd day from the date of buying, and for 2 days if it is appearing as loss. while computing turnover, do we need to calculate 2 days loss also or only profit on the date of sale.pls advise
Sir, if Turnover of Futures and options is less than 1cr and there is profit shown in the books which is less than 8%, whether audit is required Also books of accounts are maintained Please suggest
Hello Sir, , mera HUF me only F&O trading hui h aur 2 lac plus loss hua h. Aur jese apne btaya turn over calculate krne ka wese turnover less than 1 Cr. Ho rha h. Mujhe ITR kon si file krni chahiye. Kyuki HUF account me aur koi bhi other business nhi hai sirf F&O trading hi hui h. Please mujhe btaye tax audit krana hoga kya aur ITR kon si file kru, please reply sir
Great 😊 video very nicely explained.Some big traders are claiming fuel car int charges and travelling abroad expenses also Though it seems incorrect but can't my car fuel driver etc be claimed especially when I have paying guest income also Can you clarify please 🙏
Sir I am below itr slab but my income from options is in 5 to 10percent slab Does I need it to fill itr I have never file an itr before This income only from trading in options equities
Sir, jointly with son, We booked a flat and 2/3 amount paid by my son and paid the TDS on that amount, in 26QB, shown the owner is one, now I want to make 1/3 amount, can i show in 26QB the owner is TWO? Money will be received as gift from my son. Kindly advise Thanks
Hello sir... ek doubt h.. agar mene ay 22-23 me speculation le kr f&o ka loss book kiya.. or use carry forward krdiya h.. to uske kya consequences honge... or kya is saal agar f&o me profit h.. to use fir se speculation me dikha kr.. carry forward jo hua h uska benifit lena chiye?.. please reply sir
Sir ur video was very helpful. But 2 queries: 1) In case of Options the premium which is recvd on sale of options is also included in calculation of Turnover unlike Futures? 2) If I don't go with 44AD and declare profit less than 6 % then will there be no query from IT Deptt? Plz reply
Kusum you are right that premium received on sale of option should be included in turnover. Further as I clrearly mentioned in the video even that F&O trade is not 44AD business so IT deptt. should not object, even if they do so we can reply that relevant transactions were F&O.
hello sir, very well explained. sir, i think its better to show actual profit rather then going for presumptive scheme u/s 44(AD), because presumptive scheme may give you trouble in next assessment years. your opinion sir. thanks
A very simple and helpful video. Will it be wrong to say that all things being equal , Futures trading is going to be less bothersome compared to Options as the turnover for FUTURES is less than futures for Options ?
Sir Options me turnover is 2.4 crores as per zerodha . And loss hai 2Lakh ka toh kya tax audit karvana padega to carry forward losss. But tax audt ka limit 5cr hai toh kya hum tax audit karvaye bina loss carry forward kar sakte hai
In my opinion tax audit is required however if you satisfy the condition of ₹5crore audit limit then you may carry forward loss even without getting tax audit done.
Anoop sir, what voice ...crystal clear....No mix and match...point blank clarity...Very good sir
Thanks for kind appreciation.
Thank you.
What is the meaning of "Where a reverse trade is entered then difference thereon should also form part of turnover?"
This is for option turnover calculations.
This is really helpful Sir. I have been your student in the year 2013-14. Just found this video today while searching for tax implications on options trading. Amazed to hear you again. As always it was very informative with such clarity. You always make it sound nice and easy. Reminded me of my classroom sessions.
Thanks Shashank, glad that you found it helpful.
Thanks for valuable information
You are always a blessing to us and really a valuable asset for the profession.
Regards
Thanks Mohit bhai for your appreciation. Wishing you all the best :)
Hello Sir,
My F&O turnover is above 10 Crore trade wise & I have a loss of Rs. 1.25 crore. Please guide how should I prepare P&L account in audit ? ( As my expenses are of Rs. 50 Lakh Only)
@@rahul28agarwal please contact either to Res. Bhatia Sahab, or email me the issue on camohit38@gmail.com
This is the most simplified version of Tax laws on F&O ever on UA-cam
Thanks Pranav :)
Bahut shandar advice. Thanks
Thanks.
Anoop Ji, sirf yehi dua mangunga aap ke liye. Bhagwaan aapko 100000000000000 shaal ki zindegi dein aur aap aise hi knowledge share karterahehain. we all love you Anoop Ji. aapke awaaz mein sachai hai aur aap jo rule hai wohi bolrahehain. God bless you.
Dhanyavaar Sir. Aapka pyar avm aashrivad aise hi banaye rakeh.
Bohot Badhiya Bhatia ji... maan gaye, itna clear cut samjhaya aapne.
mera kuch sawaal hain
1. Agar koi f&o individual trader loss dikha k loss carry forward krna chahta hai... to kya audit mandatory hai?
2. ek Individual kya FD interest ko Carry Forward loss se setoff kr sakta hai kya?
Thanks Saket ji. Showing loss does not mean that an audit is required unless turnover exceed the threshold limit. FD interest can't be set off against c/f losses.
@@CAAnoopBhatia but sir ye income to non speculative hai and isko to hum othe income se adjust kar sakte hai
Sp fd interest se kyu nahi kar sakte..plz revert
God bless you Bhatia ji..... wonderful discussion.....no timepass......thank you, sir.
Thanks Sir for kind appreciation.
Very nice channel, he sounds calm and good.
Thanks for information
Welcome!
Very clear and to the point
Thank you so much Sir... Making this video for educational purpose.... 🙏🙏🙏🙏🙏🙏🙏.... I want one Separate Video... For TRUST accounting & How was the Cycling of Trust...
1. Sale in P and L will be actual sale value right? And turnover calculation done is only to check audit limit.
2. 5% cash will be taken on actual sales or turnover calculated as above?
3. Is it okay if actual sale value is greater than turnover calculated? Even if it crosses audit limit but calculated turnover doesn’t?
Easy and wonderful presentation
Thanks for kind appreciation.
Thanku sir great clarity
Wonderful Explanation Thanks & Best Regards
You are welcome
this video is really helpful for me sir.
What to write in "sales" and "purchase" in profit and loss account? As "Sales = Turnover" is what we do in common practice. But here "Turnover" is different than "sales".
Mind blowing. As clear as day light sir. Great effort sir🙏🙏🙏🙏. Thank u very much
Thanks Amit ji :)
Thanks Sir You real are Caa UA-camr
खुप छान explain केली आहे.thank यू सर
Thanks.
Sir.800000per annum Salary holder ka f and o turnover 1.1cr hai. Loss 70000hai.kya tax audit karna jaruri hai. Kitna tax bharna hoga
Kindly guide ,Sir.
Absolutely best explanation.
Glad you liked it
You are the best Anoop ji. we love you.
Thanks Sudharshan :)
What a wonderful video Sir! Hats off
Glad you liked it!
It is really wonderful to listen your video with clarity. I am retired employee aged 78 year and I keenly follow taxation subjects.
Now my query is why an assessee,
whose business turnover on option trading is Rs 20 lakhs in the year and incurred a loss of Rs 4 lakhs
and did not maintain books of accounts as per sec44 AA, as the turnover is less than qualifying turnover of Rs 25 laks,
And got the ledger and p&l statement from the broker
&
in none of the previous years did any business and never opted for presumptive taxation of sec 44 ad any of the previous years, as it did not maintain arise as this is first year of business
&
Has other income from Other Sources more than taxable exemption limit say Rs 10 lakhs
Is there any need for tax audit and to maintain books of accounts as specified?
,
Thanks Sir for kind appreciation. In my opinion in case cited by you tax audit is not applicable if there are no cash receipts / payment involved as such, however, books may only be in form of ledger statement, P&L given by broker.
Very good and useful information , and explanation is superb.
All your videos are informative and very useful.
Glad you think so!
Sir it is daring efforts from your side and I think first time covered by anyone. Made very clear.🙏🙏🙏
Thanks Bhai Saab :)
Beautifully explained
Thank you so much 🙂
For the below scenario:
Taxable income from salary: 12 Lac approx.
Short term profit from stocks/MF: 10k
Total Turnover (Intraday, Options & Futures): 20 Lac approx.
Total Loss (Intraday, Options & Futures): 2.5 Lac approx.
1) Do we need Tax Audit to carry forward current year losses?
2) How long can we carry forward the Intraday, Options & Futures 4yrs or 8yrs.
2) Which ITR do we need to fill and how many years do we need to file the same ITR?
3) Do we need to maintain Books of account?
4) If BOA required then How and how can maintain BOA?
Prima facie tax audit would depend upon turnover, pls refer my recent video for tax audit it will guide you more better. Further intra day losses can be c/f for 4 years and other (F&O, delivery etc) may be carried forward for 8 years. ITR 3 shuold be filed, books should be maintained. Pls consult your CA for precise reference.
Superb analysis! All traders need to watch this video.
Thanks for kind appreciation :)
Hi Bhatia Ji, you have very authentic voice and your detailed explanation is much appreciated !! It will be great help if you help me with my queries .Many other CA are saying that one need to go for CA audit even if his transaction is less than 1 crore and he is in overall loss, only way to avoid CA audit is to show 6% of profit and turnover less than 1 cr which is contradictory to what you have explained. In my case my turnover is 59 lakhs and overall loss of 4 lakhs , do I need to go for CA audit and what should be the Nature of business Code?
Thanks for kind appreciation Kabir ji. However, as per my understanding there is no need to offer minimum 6% or 8% income, you should offer actual income in your ITR.
Do not go for audit, ca is fooling you, watch video of pr Sundar with tax buddy, there is your answer..
Sir, thanks for such a valuable information.
Sir my doubt is, can we set off losses of other normal business from F&O incomes.
Please suggest. Thanks a lot.
Thank you very much sir.
Pl make a complete video on filing ITR 3 for salaried people with intraday and NFO transactions
Ok I will try in future.
Sir please make a video only upon cash receipt in tax audit section. Whether the receipts are for any instruments, employees, infrastructure etc.
Bhatia Ji, hats off to you for so clear message, you are really doing public service, May God bless u.
Thanks for kind appreciation.
Thanks for such information sharing in simplistic way.
My pleasure :)
Very good information. Thanks
Glad it was helpful!
"Where a reverse trade is entered then difference thereon should also form part of turnover." इसका क्या मतलब होता है सर ? यह ऑप्शन का टर्नओवर का तीसरा पॉइंट है।
1st of all thank u for such informative video...wanted to ask weather short term capital loss of last year from equity shares can be adjusted with this year's Gain from f&o..pls guide
So informative video
Thank you
Glad it was helpful!
Sir... very good efforts done by you... Lots of thans sir.
My pleasure :)
Specially, Make a video on swing trader who doesn't have any other JOB OR BUSINESS
No intraday f & O but thru Equity Investing only that taking positional trade < 7 months making 8-10 lakhs unrealized profit ... For Example kanchi karaporam bought at 400 it is at 3x+ now... CMP 1300 + ,
How one shld calculate Tax if profit is booked.
Kindly, make videos with specific examples...
Great info! Thank you very much!
Very welcome!
TOO GOOD INFORMATION
complete solution of all queries in 10 mins👌
Thanks :)
Sir, Thanks for your video on FNO. Request to please guide as to how to pass entry in books so that we can show actual turnover and profit or loss. As we are ignoring negative sign, it is confusing.
Bimal bhai in my opinion there are two ways to do it eithe book each and every transaction in books or book few consolidated entries in the books for respective category wise profit or loss.
Sir thanks a lot for making such video on my request. You have done all doubt clear regarding F&O trading and I hope it would be beneficial to all of us. And enhance knowledge of everyone. Again thanks with regards. My suggestion about point which may be added
1. Under section 44AA criteria for maintaining books and account if business income (PGBP) is > 2.5 lakh or turnover is > 25 lakh
2. Example of calculation of turnover in options trade should have been given.
3. In which conditions department treated short term capital gains as a business income . Sometimes delivery based short capital term gains are treated as business income if transactions are more and frequently done. But department doesn't give clear definition of "more and frequent transactions " its a subjective matter.
Thanks to you from my heart
Thanks Saurabh for kind appreciation.
Sir Please do guide me if my analysis is correct or not.
Case I: Mr x has loss from F&O Rs 150000 and turnover less than 1 Crore
Then audit is not mandatory & it will be treated as normal business loss
Case II: Mr X has loss from F& O Rs 150000 and turnover more than 1 crore but less than 5 Crore
Then also audit is not mandatory as we can apply the 5% rule of cash payment and cash receipts.
Case III: Mr X has salary income Rs 10 Lakhs and income from other sources Rs 56000, Loss from F&O Rs 150000, Turnover less than 1 Crore.
Then it will be treated as deemed tax audit right?? because income from salary and other sources is greater than the basic exemption limit of Rs 250000.
Sir in case 1 tax audit is not required in my opinion, in case 2 if you satisfy 5% clause audit is not required. In case 3 even if you satisfy 5% clause tax audit will not be required.
Thanks Sir, the video is very informative.
Welcome Sir.
Excellent explained... Thank you sir.
You are welcome
clear explanation easily understadable which goes into the minds of the listeners
Thanks for kind appreciation.
Very well presented. Thanks for the info Sir. Jai Hind.
Thanks Amit bhai. Jai Hind :)
Trading is not my main business activity.
First time only few transactions in F & 0 around 9 Lakh...and loss arising of 2 lakh ..
Can I treated this as capital loss...and set off them from my STCG ???
Beautiful explanation sir 😇🙏
Thanks and welcome
Thanks sir to provide better information for F&O transaction
Always welcome :)
Beautifully explained sir, sir please explain do we need to pay advance tax on f&o income?
Yes you need to pay advance tax on such income.
Hello sir
I am trading in f&o since march 2019.
And I continue in lose .
But I didn't file itr. Kya mujhe future me koi problem Hoga lose Ka ITR na bharne se.
I don't know about ITR.
Aur kya Mai abhi Apne Sare lose fy 2019-20 se abhi tak Ka Carry forward Kar Sakta hu.
Please guide me sir.
Thank you.
Very clear opinion
Thanks.
nice information sir,thanks sir...jai hind ji
Jai Hind Sir. Thanks.
You are a really good advisor god bless you
Thanks and welcome:)
Very useful video for retail investors, thank you very much sir.
You are most welcome :)
For Option turnover, please clarify - Buy option premium is Rs. 10K and Sale option premium is 22K so profit is 12K. So Turnover is Rs. 32K(10K+22K) or 34K(2K+10K+22K) or some other way. Please guide
In my opinion every option contract is seperate one, thus is on buying you incurred loss of Rs. 10K then on sale you booked profit of 25K total tunover should be 35K further if you also got premium of Rs. 2K at time of sale of option then that should also form part of turnover. Rest refer the ICAI guidance note on Tax Audit.
@@CAAnoopBhatia Thanks for prompt response
Very useful Sir .Thanks
Thanks.
Good video imparting clarity on the topic. What if F&O income is less than 6% of turnover of 50 lacs. Whether audit is required
In my opinion tax audit should not be required.
Thank you sir
Both of vedio old and new on F & O are really nicely explain by you.
Thanks and welcome Govinda :)
Sir F & O transaction related to agri comodity is normal business and prof income or speculation transaction???
If normal busi & prof but last year i considered as speculation transaction and now FY 19-20 can i taken as normal business and profession.
FY 19-20 also appx 20 lacs loss
Please guide me🙏
Sir, if we have FnO loss as non speculative business loss and same year also have capital gain(less than 1 lakh)
Do I need to set it off compulsory against FnO loss ? As capital gain is less than 1 lakh , it will be exempted.
And I can carry forward all my FnO losses ahead..
Very nicely explained!!
Glad you liked it
Nice information sir. Thank you 🙏
Welcome
Sir, Can F&O profit be set off against losses of Short term or long term and If f&O is not under head of speculative business than under which head it will come
This is very good. One question though, what about losses? Does one needs audit if there is a loss? This is painful as unless one's turnover is high, audit is a burden.
In my opinion unless the turnover exceeds the threshold limit there is no need to get the tax audit done.
@@CAAnoopBhatia Thank you Anoop. Lot of things surrounding trading income is not clearly defined by IT dept.
While Filing the IT return, Do you enter data in 'Accounts not maintained' section or other section? As other sections are not actually relevant and applicable only for Manufacturing or trading.
Under which section F&O coming Sir?
Sir agar ek he company like HDFC me multiple times same day me he f&o me koi trade karta hai or uske har trade me kabhi profit hota hai to kabhi loss
Jaise ki
1st trade me 4000 profit
2nd trademe 140000 loss
3rd trade me 15000 prpfit
and uska un sabhi trade se final 5000 profit rehta hai to uskaa turover 5000 hoga yaa fir uske har trade kaa sum means 33000 rs
Plz revert.
In my opinion turnover should be 4000 ;plus 140000 plus 15000
very good and celar way of teaching
thankyou sir
You are most welcome :)
Nifty, bank nifty ka turnover future me calculate kare ya option me sir??
Sir your explanation was very clear. I would like you to do a video on options with an example, to understand the addition of premium and reverse trade in the working
I will try.
Sir, can you please clarify this,
If I'm trading in Options through my company account, my company will be paying 25% as tax, further, if i want to take that remaining money out, there will be further tax on that remaining 75% amount which is paid as dividend to me, this is as per my tax slab anyway. So its double tax. So how is it beneficial to trade through company account, as few suggest on internet, when compared to trading in personal account where i will just pay tax(once) as per my tax slab?
You are right it's sort of double taxation. The complete facts and circumstances are important to give final view.
My F&O turnover is 1crore and actual profit is 15 lakhs. Do I need to pay tax only on 6% ( 6 lacs) income or on 15 lacs as per section 44Ad ? Please advise. Thanks.
If a future contract is sold on the 3rd day from the date of buying, and for 2 days if it is appearing as loss. while computing turnover, do we need to calculate 2 days loss also or only profit on the date of sale.pls advise
Sir, if Turnover of Futures and options is less than 1cr and there is profit shown in the books which is less than 8%, whether audit is required
Also books of accounts are maintained
Please suggest
Hello Sir, , mera HUF me only F&O trading hui h aur 2 lac plus loss hua h. Aur jese apne btaya turn over calculate krne ka wese turnover less than 1 Cr. Ho rha h. Mujhe ITR kon si file krni chahiye. Kyuki HUF account me aur koi bhi other business nhi hai sirf F&O trading hi hui h. Please mujhe btaye tax audit krana hoga kya aur ITR kon si file kru, please reply sir
You should file ITR-3. However, as discussed in the video if the turnover is below thershold limit tax audit is not required.
Great 😊 video very nicely explained.Some big traders are claiming fuel car int charges and travelling abroad expenses also Though it seems incorrect but can't my car fuel driver etc be claimed especially when I have paying guest income also Can you clarify please 🙏
Whether sale amount to be added in absolute sum under option trading
Sir I am below itr slab but my income from options is in 5 to 10percent slab
Does I need it to fill itr
I have never file an itr before
This income only from trading in options equities
Bhatia sir namskar
Kya government servent f&o v commodity me paisa laga sakta h kya
Unless your service rules prevent you may do so.
@@CAAnoopBhatia
सर राजस्थान सर्विस रुल्स में तो यह लिखा है कि शेयर में सट्टेबाजी नहीं कर सकते।
अब सट्टेबाजी में ये सेगमेंट होते हैं या नहीं
Sir, jointly with son, We booked a flat and 2/3 amount paid by my son and paid the TDS on that amount, in 26QB, shown the owner is one, now I want to make 1/3 amount, can i show in 26QB the owner is TWO? Money will be received as gift from my son. Kindly advise Thanks
Hello sir... ek doubt h.. agar mene ay 22-23 me speculation le kr f&o ka loss book kiya.. or use carry forward krdiya h.. to uske kya consequences honge... or kya is saal agar f&o me profit h.. to use fir se speculation me dikha kr.. carry forward jo hua h uska benifit lena chiye?.. please reply sir
Sir ur video was very helpful. But 2 queries:
1) In case of Options the premium which is recvd on sale of options is also included in calculation of Turnover unlike Futures?
2) If I don't go with 44AD and declare profit less than 6 % then will there be no query from IT Deptt? Plz reply
Kusum you are right that premium received on sale of option should be included in turnover. Further as I clrearly mentioned in the video even that F&O trade is not 44AD business so IT deptt. should not object, even if they do so we can reply that relevant transactions were F&O.
@@CAAnoopBhatia that means if a person bought a Option contract @rs.100 & sold it at rs. 125 then his Turnover is rs. 25+125=150?
Please share e mail I'd and contact number
Brilliant Sir...
Thanks.
If turnover is 1.5 cr with loss of 29 lack then we can file ITR 3 showing with p&l and BS in this situation we can caryy forward loss or not
"may not" or "is not" compulsory?
Can't thank you enough... Helped a lot !
Thank you sir ji !🙏🏼
Always welcome :)
hello sir, very well explained. sir, i think its better to show actual profit rather then going for presumptive scheme u/s 44(AD), because presumptive scheme may give you trouble in next assessment years. your opinion sir. thanks
Yes, you are right.
very superb and nice speech
Thanks :)
Premium received on sale of options mean only when options short
A very simple and helpful video. Will it be wrong to say that all things being equal , Futures trading is going to be less bothersome compared to Options as the turnover for FUTURES is less than futures for Options ?
Thanks. The conclusion drawn by you may be right depending upon facts of a case.
Sir Options me turnover is 2.4 crores as per zerodha . And loss hai 2Lakh ka toh kya tax audit karvana padega to carry forward losss. But tax audt ka limit 5cr hai toh kya hum tax audit karvaye bina loss carry forward kar sakte hai
In my opinion tax audit is required however if you satisfy the condition of ₹5crore audit limit then you may carry forward loss even without getting tax audit done.
सर क्या फुचर के टर्न ओवर पर टैक्स की गणना की जाती है ?
I have earned 4 Lakhs in F&O
And i have booked loss 1.3 Lakhs in equaity (indraday) for current FY 2020-21 can i adjust my loss from F & o profit
Thanks for the information sir
Welcome