Predicting Income for ADVANCE TAX? Presumptive Taxation? Limit for Expenses?.. F&O Taxation Q&A #3

[@advarunathakkar2614]

In case of a senior citizens who do not have any income from business or profession, are exempted from payment of advance tax which can be paid by the due date of filing the ITR

[@advarunathakkar2614]

6:05 Pay as you earn is correct, but estimation for whole year to consider and not quarterly estimation, please correct, if I am wrong

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@TaxBuddy]

Hi, there may be some miscommunication. Apologies for inconvenience. Pls share your mobile number. We will resolve the issue.

[@srirampadmanabhan3648]

Thank you for the session, we learnt a lot from the discussion.

[@advarunathakkar2614]

For persons who are covered by presumptive scheme of taxation under Section 44AD and 44ADA have the facility to pay their advance tax by one installment of i.e 15th March.

[@lxgomes518]

Mr. Sujit sir explain so beautifuly with one go everything understood before this video 2-3 video I was having zero knowledge about income tax thankyou so much sundar sir

[@carohitjain1412]

NRI can claim basic exemption limit of Rs. 2.5L. please correct yourself.

[@murthyduvvuri2031]

One important topic to be covered is about the requirement of maintenance of Books of accounts. Please cover this topic in your next video.

[@vipulpandeymyfriendworldis7725]

Please make a separate Playlist of these Tax related videos in this same channel Thanks 👍

[@smarter_by_bit9346]

Thank u Mr. Sujit and P R Sunder Sir. It was very helpful video 😊

[@swathiganesh9650]

Agri income...will not form part of gross total income...so it should be reported...but will not be used to determine higher slab as he said..

[@krishnamoorthybalakrishnan458]

Sir, the clarifications are good. But, one question is not answered clearly. When agriculture income is shown, Mr. Sujit says, it should be included in the ITR to determine the tax slab. OK fine. But what about when one is having agriculture income in negative, as I lost huge amount in the paddy cultivation, whether loss in agriculture income can be deducted in the gross to arrive at the taxable income. If this question is also clarified, then viewers will get clarify.

[@aliengod2039]

Please clarify this: Consider this example... Q1: If I make 10 Lakhs in the last Quarter ( or any quarter ) of any FY which is January 01 to March 31, then what date should I begin and end my calculation? Q2: They say I need to pay advance tax by March 15th. So, what will happen to earnings between March 15th and March 31st? Thanks!

[@unnikrishnan_ravi]

You need to pay advance tax on estimated tax liability. In practice you need to estimate tax liability till year end and pay 100% by March 15

[@aliengod2039]

@@unnikrishnan_ravi But, shouldn't we pay advance tax every quarter? How much time they would give to get PnL reports from broker and pay. Like if deadline for last quarter was December 15th. This means that I have to rush to my broker on 15th itself and include the PnL reported on 15th itself and pay the tax on 15th itself? Or can I take 1 week time and pay Dec 15th quarter tax on Dec 20th or so?

[@veerateswaranmohan]

Excellent information. We will use it next year

[@roops80]

PR Sundar spends so much time and effort on educating people yet there are some buffoons who think that PR Sundar is actually giving calls on market..... He has a view and if his view goes wrong he can adjust his positions.... Why don't viewers understand that.....

[@ariharan2293]

happy new year

[@rajibbasak6175]

Understand from these interactions that if someone go for presumptive taxation for all digital transactions as minimum of 6% of turnover.. Say turnover is 1 crore.. And actual profit is 20 lakh.. And the person declared 6% as 6 lakh.. Then how this balance 14 lakh reported in his / her account..

[@unnikrishnan_ravi]

6% is minimum. If you have more profit you need to report real profit i.e 20L

[@priyobratta1]

Very technically and meticulously explained.. Thank you.. Please come out with similar informative videos..

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@TaxBuddy]

Hi, there may be some miscommunication. Apologies for inconvenience. Pls share your mobile number. We will resolve the issue.

[@priyobratta1]

I have done my filing with tax buddy and overall very satisfied with the service.

[@TaxBuddy]

Hi Priyobratta Bhutto , thanks for feedback. TaxBuddy would be with you if you have any tax query or if atall you get any notice regarding ITR filed, TaxBuddy will resolve it for free.

[@hemantpawar215]

Thank you very much for this series, extremely useful

[@sathishnagaraj7203]

Thanks for this very useful information. Need more such videos on this topic.

[@sathishnagaraj7203]

Turnover is still a big question in F&O trading which is not explained by IT department clearly for calculation. May be explaining with an example would help to understand better.

[@shanshammer9365]

Thankk you sir for all the knowledge ...

[@onlyghilli]

Thanks for informative session. I have loss in speculative business (D2D Trade) and income in business (Options trade). Can I apply presumptive tax on business not on speculative business ? My turnover is less than 2 Crores

[@selvakumarrobert9968]

Thank you so much sir

[@srinivasmanduva2273]

Mr. Sundar regaring seing trading do i have to pay tax on STCG or total profit at the end of the year or these two combined

[@rajputrahul19]

I have salary income for which TDS was deducted and X Lacs loss in F&O. I couldn't file ITR by 31 Dec. Will my TDS be refunded and F&O losses carried forward if I file now? Plz reply.

[@TaxBuddy]

Don’t worry. You can still file ITR. You need to pay penalty of ₹5k is income above ₹5 Lakh and of ₹1k if income above ₹2.5 Lakh. As due date has lapsed you cannot carry forward losses

[@priyobratta1]

Is Buy today sell tomorrow BTST on cash equity market considered under speculative trading or short term capital gain/loss trading.

[@nikhil99a]

Assume my turnover is less than 2 crores and my actual income from F&O is more than 12% of turnover. Can I opt for presumptive taxation and pay tax only on 6% of turnover as profit?

[@sureshkumart7273]

Yes, you can

[@samsungquattro949]

Very good.

[@akoptionbull1435]

But we are maintain in buy and sell not earning

[@prafulyadav9403]

Like as we all know that trading is 20% strategy and 80% psychology. So for that psychology if we so something else to calm our mind like gym, travelling etc or buy any courses... Will the charges of this be deductible in tax ?

[@balamurali3833]

what is premium received in calculating turnover, whether it is uncovered sale proceeds of options , or all salevalue of options????

[@arnavkhanna6611]

Nice series..

[@sumitharamesh4867]

Pls clarify in case of options premium amount plus profit and loss of that particular trade is considered as turnover.

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@TaxBuddy]

Hi, there may be some miscommunication. Apologies for inconvenience. Pls share your mobile number. We will resolve the issue.

[@babus8587]

Very Nice Mr. Sundar .keep doing such useful things to the common man like us.Taxbuddy services are also very much affordable and staff (Ms.Alish, the one with whom I interacted a) is very kind & cooperative..

[@TaxBuddy]

Thanks

[@mayurgor8835]

Useful video 👌👌

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@hiteshmukkera5921]

For individuals it is alternative minimum tax not Minimum alternative tax.

[@TaxBuddy]

Yes. True.

[@devilmix94]

If i am paying presumptive tax and my income is 40 lakh and in presumptive tax i tell only 30 lakh as my income will there be any problems.?

[@TaxBuddy]

In presumptive tax , the prescribed percentage is for minimum profit to be declared. You can very well declare profit more than that.

[@aravindreddy4174]

sir, for presumptive tax income limit is 2 crore per 1 year or 2 crore per 6 months or 2 crore per 1 month.thank you

[@TaxBuddy]

Hi Arvind , it’s ₹2cr per year

[@shibus4002]

Sir, I think for salaried person doing Equity trading, ITR-2 can be used, for FNO it is ITR-3- Pl re-clarify

[@TaxBuddy]

Hi , salaried person doing trading in equity shall file ITR2 and salaried person doing investment in trading shall file itr 2

[@Venkat-eb9pf]

Very useful information.

[@hareshhari9375]

Whether loan against property has any benefits in ITR - 1 so as whether we can consider principal and intrest amount separately.

[@TaxBuddy]

Hi, benefits are availble against home loan. Principle is deductible as part of 80c bracket. And interest separately to the extent of maximum ₹2 lakh if property is self occupied

[@Raghuera]

Sir, I'm doing trading in FNO, my brother also doing trading in FNO, should I file one ITR or separately, Please consider this question

[@TaxBuddy]

Hi, you both should file income tax return separately and report income from transactions in each case.

[@Raghuera]

@@TaxBuddy thanks for considering my question. I'm started trading from April 2021, when should I file ITR ? It comes which financial year ? and when to file ITR after March 2022 or before ? Please make one video about that

[@shov07]

very very helpful

[@indiankitty]

Excellent. We need more interviews like this one to overcome misconceptions.

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@indiankitty]

@@dilldoe130 🤔

[@TaxBuddy]

Hi, there may be some miscommunication. Apologies for inconvenience. Pls share your mobile number. We will resolve the issue.

[@sumitharamesh4867]

Good information

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@TaxBuddy]

Hi, there may be some miscommunication. Apologies for inconvenience. Pls share your mobile number. We will resolve the issue.

[@aniruddhamahadik2161]

Hi taxbuddy please Help Advance tax is applicable only my Tax liability is 10000/- and more right ? And Total profit - Total loss - Expenses= net profit or loss Isi prakar se advance tax calculation hota hai na ?

[@risingsun5686]

Hi, I have one confusion. I am a salaried person and trade in the cash equity market, intraday and F&O. Now to carry forward the loss, I think we need to file ITR 3 only. We are unable to carry forward the loss in ITR 4.

[@risingsun5686]

Also, what if a person is having a presumptive income and has made some loss in the cash equity market. Since we are unable to forward the losses using ITR 4, I think ITR 3 IS the only choice we have.

[@its_sharan54]

@@risingsun5686 yes u need to file ITR3

[@RagulCJ]

So, Can you claim loss form F&O from the tax paid by full time job?

[@anbuking2377]

Thank you....!

[@growgoodgetgood7875]

What about F&O intraday trading, it comes under speculative income or non speculative income?

[@unnikrishnan_ravi]

Non speculative irrespective of time you hold the trade

[@samirbhatia7268]

Suppose I bought a scrip at 100 in 2017 and it's GR rate is 50. If I sold the scrip in 2021, will IT department consider 50 or 100 as my cost for long term capital gains.

[@ramshah2609]

Profit and loss is net premium received or lost . Can u explain turnover

[@atultrading1451]

I spoke to 2-3 CA’s in my town. All of them have said that profit in FnO cannot be calculated under Presumtive Taxation. There is no case law which allows the tax to be calculated under sec 44AD

[@TaxBuddy]

Income from F&O is business income and if turnover is less than ₹2 cr, one can avail presumptive taxation schem.

[@mahesha6363]

I have been doing that for last 3 years. No income tax notice so far. I am stating about my own ITR

[@nikhil99a]

@@mahesha6363 So even if your income is more than 6% of turnover, you are able to pay less tax via presumptive scheme?

[@mahesha6363]

@@nikhil99a no. If income is 7% i show 7%, if income is 8% i show 8%. If income is less than 6% then i show 6% so I pay extra tax but I am able to avoid services of CA

[@mahesha6363]

@@nikhil99a under reporting of income is illegal

[@satishgoel8141]

I am pensioner last year I did future and option mai chartered accountant file my ITR form number 2 and Income Tax process and I received refund also is my Chartered account filed wrong income tax return what I should do now

[@mahesha6363]

If one is willing to pay 1% pm interest can he pay entire tax in July of assessment year ? Any other penalty or fine or notice ?

[@vijaybalaji7290]

thanks

[@manchester564]

Sir can you do a vedio on behaviour of illiquid markets

[@manupandit3864]

What about infra day trading in shares. Should it be shown in capital gains or business income

[@TaxBuddy]

It’s speculative business income and you should file ITR-3

[@manupandit3864]

@@TaxBuddy there are case laws I believe which shows same day adjustment in shares (not f n o )should be classified as capital gains. There is no specific definition for share to be classified as speculation. Unless of course if the assesses is itself engaged in business of trading

[@saiprasad9492]

Sir I've loss of 8000 in Options trading with turnover 2.5lakh, profit of 2k in shorterm trading with 10k turnover no other income, which one should i file? And I've sent 3lakh from dubai as i was working there, in same FY where should i show this income

[@MrRavikitti]

Sir, I have a doubt. I made loss in intraday equity and profit in options. Can I set off profit with loss while filing ITR.

[@TaxBuddy]

Intraday loss is speculative loss. And speculative loss can be set off against speculative income only

[@GranMetallik]

Can we show brokerages as a expense?

[@risingsun5686]

100%.

[@venkateswararao9862]

My Turn over in F&O trading is 1.80 cr and I want to declare Presumptive income scheme.Also having a small STCG around 20 K .No other income Which ITR to be used.

[@Arifkhan-sl8fe]

Itr 3

[@sabirc2626]

Is it necessary to file ITR if my profit is below 2.5 lakh? If I have cash market profit and option trading profit Which ITR I should file?

[@TaxBuddy]

If your income is less than ₹2.5 Lakh then filing ITR is not required as per law.

[@TaxBuddy]

For cash market and FnO trading , you should file ITR-3

[@sidharthb3538]

salried persons mean govt employees or private employees?

[@TaxBuddy]

Salaried means Govt or private.

[@debkantapaul7315]

How to create books of account by myself for F&O because all the documents like ledger, trade book , P&L with turnover and charges are given by zerodha. And If I have 1-2cr turnover I don't need audit. So how to make books of account by myself?

[@TaxBuddy]

Hi Debkanta, you can maintain ledger for expenses maintained , cash book , bank book etc.

[@debkantapaul7315]

@@TaxBuddy thanks sir 🙏

[@mahesha6363]

@@TaxBuddy is there need to maintain books of accounts ? I mean these can be prepared if and when income tax notice is received. Income tax department doesn't send notice in every case. I am talking about f&o profit. Zerodha is my broker. All the transaction details are available in the form of emails from zerodha. Turnover is less than one crore. Presently I am using presumptive taxation but in future i may use normal business taxation.

[@TaxBuddy]

Hi Mahesh A , it’s always better comply law before we get notice.

[@mahesha6363]

@@TaxBuddy thanks for reply. I am paying tax in time. Email received from zerodha are also available. But I am not maintaing accounts in the format which might have been prescribed by income tax department. For that i shall have to take services of CA firm etc because I have not studied accounts.

[@deepaksehgal8623]

Hi. I am doing fno trading and house on rent income. Which itr 2 or 3

[@TaxBuddy]

Hi deepak , it would be ITR-3

[@MrThiyagu]

Why don’t you(Taxbuddy) first improve your service instead of these promotions? You should have some business ethics. I am saying this because you sold my personal details

[@balamurali3833]

from this year tax audit limit modified from 2crores to 5 crores???

[@TaxBuddy]

Hi Bala, tax audit limit is enhanced to ₹10 cr

[@sudhakararaobanka5089]

I have a query. For trading in F&O it seems it is necessary to file 6 Months Bank statement and ITR filing is not connected to the issue. Please clarify...

[@TaxBuddy]

Hi , many brokers are asking ITR statements nowadays.

[@pichaimuthuramachandran9103]

Till 2020 my broker Zerodha accepted ITR acknowledgement. This year he demanded 6 month statement also in addition to ITR ack. I dont have any problem as i want my account to be live so i shared it.

[@sudhakararaobanka5089]

​@@pichaimuthuramachandran9103 To my best knowledge, 6 Months Bank statement suffice.

[@MissHit]

Day 1 - Sir take me as student

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@TaxBuddy]

Hi, there may be some miscommunication. Apologies for inconvenience. Pls share your mobile number. We will resolve the issue.

[@KeepCalmWriteOptions]

Do you have to pay advance tax for fno trading?

[@KeepCalmWriteOptions]

What is the condition to pay advance tax as an individual like should my profit come to bank account?

[@TaxBuddy]

Yes. You can estimate income for the ending quarter and pay advance tax accordingly.

[@mjeevan8485]

Hi sundar wat is going on

[@dilldoe130]

TaxBuddy is not supporting after filing the ITR since October. They r a pain

[@TaxBuddy]

Hi, there may be some miscommunication. Apologies for inconvenience. Pls share your mobile number. We will resolve the issue.