New options trader needs some clarifications
A Kar (Nil) (79 Points)
29 July 2017A Kar (Nil) (79 Points)
29 July 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178001 Points)
Replied 30 July 2017
1. Firstly, you should not have handled such tricky matter by own.
2. For answer to your questions......... for such (loss) cases ITR 3 is the only choice .......... but chances of scrutity in this case may not arise because of nil tax liability.
3. If you wish, a suggestion is to get exact data of your F&O turnover based on differencial values of your settlements. If that is say 16 lakhs........... File ITR 4, declare 6% on 16 lakhs as profit (forget loss) i.e. 1 lakh as income....... which as per your other income sources would not be taxable........... no question on maintaining accounts...... no other compliance, but to prove the turnover figure.
A Kar
(Nil)
(79 Points)
Replied 02 August 2017
A Kar
(Nil)
(79 Points)
Replied 02 August 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178001 Points)
Replied 03 August 2017
"Still can I claim that I do not know my profits or loss and file presumptive tax? Will the AO create a problem?"
You are at liberty to offer profits as per presumptive assessment, even knowingly...... it is as per law. ITO will be not be able to reject the same.
For 5 years compulsion clause, it is other way. i.e. if you do not adopt section 44AD in any year, then you are not allowed to adopt it for next five yrars.
A Kar
(Nil)
(79 Points)
Replied 30 May 2021
I am unable to post new queries. Hence asking here. In between I had not traded options for 3 yearsand hence did not have any business income. Thus I used it 2. Now if I trade options again can I use Presumtive income?