In presumptive taxation - here is my confusion - I have done FNO trading through online broker - in broker’s back office section - I see total options premium and from that deduction of sebi charges + STT + stamp duty + exchange transaction charges + IGST + IPF charges - after all these expenses/deduction - it shows net total/net MTM - so this MTM is my net profit/income I should show in presumptive income? What about other expenses incurred - for example computer purchase + electric/internet etc bills + paid to a relative in cash for his help in online trading – those expenses I have not made any account - so I can not deduct those expenses from the net premium shown in back office?

Under presumptive assessment you have to declare profits over turnover, which is absolute value of aggregate net transactions. Google for how turnover is calculated for F&O & then fill it in ITR. Or take help of any local professional otherwise you may get into trouble.

Thanks ..I understand how to calculate FNO turnover and I am reporting that as gross receipts - but question is about calculating net profit - (I mean which expenses I can include while considering net profit)

I repeat, you are not supposed to deduct any expenses from the presumed profit declared, which can be anythind above 6% of turnover. You actual profit or actual exenses does't come to calculation under presumptive assessment.

Sorry for continue to ask querstions and taking your time but I am still not clear..

Can I calculate total turnover and report lets say 7% of it as actual profit in presumptive income section?

leaving room for expenes I mentioned above

 

Yes, that is acceptable.

I am stuck at one last thing 

I am at schedule income from other source and tab 10 is asking to give info about accural/receipt of income from other source ...10. Information about accrual/receipt of income from Other Source

in my case mainly dividend income from stocks like infosys so out of serial no. 3 to 10 which are related to dividend - which one I should choose to give info?

attaching screenshot to to make it easier for you.

 

Fill details in Sr. no. 3.                     

I thought I had last question but I have some errors with validation

Two errors

1. In Schedule OS/ Schedule El, the amount of dividend income mentioned is cannot be more than the dividend income reduced from Schedule BP."
   "Kindly ensure that dividend income mentioned in schedule OS or schedule El should be equal to dividend income reduced from Schedule BP." - I searched and found your response - You said -- you need to declare dividend income in Schedule BP, from this year. For interest income it is not mandatory. But when I add exact dividend amount that I have entered in other sources income - it is not accepting it and gives another error that says on PNL schedule under 14 - I Have to mention same dividend income - I am confused why dividend income to be mentioned in SCH BP and PNL - is not that another source income?

2.  Also this is not an error but want to confirm about audit section - Under part A general information - under audit information I have chosen no to all questions - is this the correct choice? I have presumptive income for FNO income + have capital gains STCG and ltcg loss and dividend+interest income and intraday trading loss.

 

1.  step 1- go to schedule BP and provide the exact dividend you got in the previous year.

   step 2 - go to schedule Part A PL and provide the same dividend you which you entered above. 

2. Yes, correct, no tax audit required.

THanks for continuious help,

I did follow your suggestions and it removes error but can you spare a minute to explain what dividend income has to do with SCH BP and SCH PNL ? why do we mention div. income in those 2 SCH - does not make any sense.

Further want to confirm one more thing -  I am chosing presumptive income for my FNO trading profit - do I have to fill in item 6 in Part A - BS - section C ? or I can leave it blank ?

Thanks for continuious help,

I did follow your suggestions and it removes error but can you spare a minute to explain what dividend income has to do with SCH BP and SCH PNL ? why do we mention div. income in those 2 SCH - does not make any sense.

Further want to confirm one more thing -  I am chosing presumptive income for my FNO trading profit - do I have to fill in item 6 in Part A - BS - section C(no account case) ? or I can leave it blank ?

1. This is what department wants to delare it in PGBP head, so more details you can ask them
2.  Need to fill few details, at least.

ok you said few details - so can I just put like 10000 Rs. as amount of cash balane in that SCH BS? section C item 6?

Yes, Correct.