please help its urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 i am a salaried person and have done share trading in last financial year on both delievery basis (few) and lots of intraday trading , not in futures and options.
i had incurred a loss of 1 lakh in last year.

NOW MY QUERIES ARE
1) WHICH ITR FORM TO FILL? 2 OR 4
2) WHERE TO SHOW STCL ?
IF IT IS IN CG A 2
IT ASKS TOTAL VALUE OF CONSIDERATION & COST OF ACQUISTION
SHOULD I FILL ZERO IN TOTAL VALUE OF CONSIDERATION AND LOSS FIGURE IN ACQUISTION COLUMN ASI AM DOING INTRADAY TRADING I AM NOT ACQUIRING?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 July 2010 1) ITR 4
2) Sheet CG
3) suppose cost price Rs100
sell price Rs50
Value of consideration = Rs.50
Cost of Acquisition = Rs.100

If you are doing Intraday it will be taxed as business income and not as STCG.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 1. ITR - 4
2. IN CG
3) From other assets Full value of consideration
total sales value of delivery trading
Cost of acquisition : purchase value
loss will come.

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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29 July 2010 AGREED, INTRA DAY TRADING INCOME WILL BE SHOWN AS INCOME FROM SPECULATION BUSINESS, NOT IN CG.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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29 July 2010 IF YOU HAVE DEMAT A/C WITH ICICI THEN YOU CAN GET ALL DATA REGARDING COST OF ACQUISTION, COST OF SALES, SHORT TERM CG, LONG TERM CG , SPECUALTION INCOME/LOSS FROM CLICKING BY NEW FACILITY ADDED IN A/C

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 Yes u can find the above under - portfolio - Equity Capital Gain and the account must be trading a/c and not demat account.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 and intra day trading is speculation loss.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2010 1)
does for even cash intraday trading is to be filed in itr 4

2) which schedules i should fill in itr 4 for salary income and speculation business losses, & what code is to be filled in nature of business

3) how to compute total loss figure

a) is it day to day net profit or loss
b) whether i can include brokerage+ service tax+ STT as an expense or it will be included in loss

4) as it is a speculative business is it need to be audited if turnover exceeds
40 lakhs
if yes
how to calculate turnover
a) each transaction profit or loss figure
b) day to day profit or loss

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Querist : Anonymous

Querist : Anonymous (Querist)

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 1. Even cash intraday trading is to be filed in itr 4 as it is speculation business income.

2. Schedule S - Details of Income from Salary

3. For intraday STT allowable expenses. For delivery i. e. STCG STT not allowable expenses.

4. Option b)

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 2. Contd.
code for business
Trading - Others-0204
details of income
No Account Case
Schedule BP - Computation of income from business or profession
Computation of income from speculative business

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 thx guys few more queries

1) what i need to fill in no account case i.e. total sundry debtors,creditors, stock in trade, cash balance.
2) in gross reciepts, pprofits, expenses,
is it necessary in my case.
3) in cg sheet
full value of consideration means the value of selling the shares+ expenses on delivery basis. is it right?

4) even after all this i make a mistake in
some calculations, but however no tax payable to me what r the penalties.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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30 July 2010 1. nOTHING
2. Expenses the loss
3. IN CG sales and purchase price
should not include STT as expenses

4. Penalty can be levied u/s 271(1)(c) if inaccurate particulars are filed.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 in AIR 5
for exceeding rs 1 lakh for share purchase

should i fill this even i have bought the shares for short term trading on delivery basis

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 AS I AM NOT REQUIRED TO MAINTAIN THE ACCOUNT HOW THE PENALTY WILL BE LEVIED?

BY MISTAKE MEANS SUPPOSE INSTEAD OF LOSS OF 4LAKH I CALCULATE IT FOR THE LOSS OF 3.9 LAKHS EVEN THEN

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Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 AS I AM NOT REQUIRED TO MAINTAIN THE ACCOUNT HOW THE PENALTY WILL BE LEVIED?

BY MISTAKE MEANS SUPPOSE INSTEAD OF LOSS OF 4LAKH I CALCULATE IT FOR THE LOSS OF 3.9 LAKHS EVEN THEN

Aditya Maheshwari

Aditya Maheshwari (Expert)
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30 July 2010 AIR - 1 lakh for share purchase only if purchased from a company.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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30 July 2010 If there is no loss of revenue to the department then no penalty can be levied.

If loss is Rs. 4 lakhs and loss claimed is Rs. 5 lakhs then penalty can be levied and not in case of vice versa.

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2010 thanx guys
thanx to all of you
allof you are really great in helping thx

Aditya Maheshwari

Aditya Maheshwari (Expert)
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31 July 2010 You are welcome. You can thank by clicking on the thank user icon also.