Kindly request you to point me to the relevant sections to post the following in ITR3.
Since income is <2.5 lakhs, no books to be maintained. So it should go in the non-audit places at the bottom.
FNO turnover 10 lakhs - This should go in the gross receipt row
Loss 50000 - This will go in profit row
Other income 80000 - This goes in other sources sheet.
Money with broker in the beginning of FY 85000. End of FY 54000. Two withdrawals of 12000 and 5 additions of 10000 throughout financial year. Does this have to be shown anywhere?
What will go in sundry debtors or creditors? What is money left with the broker at the end of the year?
Two savings accounts are linked with the trading account. Numerous non trading related transactions have happened from there. Do I have to add the year end balance for both and show in the cash on hand?
I had visited two CAs. One of them told me that I have to submit audited statement. I told him that my income is not even near 2.5 lakhs or turnover anywhere near 2 crores. He was not interested.
Another CA told me not to do anything but submit presumptive basis. I asked him that isn't presumptive basis in case of profit not being known? In trading the broker gives the PnL and turnover in form 10. How can I claim that I do not know profits? Turned out that he was not able to calculate turnover for FnO. So I am here asking for help from you experts.
CAclubindia
