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Short term capital loss

Ganeshbaabu Ts (40 Points)

02 April 2018

Hi,

My freelancing income = 3,30,000

intrading trading total receipts = 1,00,000

But I have short term capital loss of Rs. 4000. But i dont want claim that.

Shall I fill ITR-4S.

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14 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178001 Points)
Replied 02 April 2018

It is always advisable to declare all the transactions whether gain or loss in ITR. Otherwise also department gets the record from all such agencies. So, be honest, file ITR 3 (AY 2018-19 equivalent), claim loss, and relax......

You can declare presumptive income in ITR3.

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Ganeshbaabu Ts (40 Points)
Replied 02 April 2018

Ohh, So i need to pay tax. Ok. Please clarify me what is the penalty for paying tax after due date.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178001 Points)
Replied 02 April 2018

Tax laibility can be calculated based on your turnover figures, which are not available here.

There may not be any tax liability; but my suggestion was to declare all the transactions.

1 Like

Ganeshbaabu Ts (40 Points)
Replied 02 April 2018

Thank you sir.

But my doubt is what is penalty for delayed tax payment. I know i need to pay tax.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178001 Points)
Replied 02 April 2018

No penalty dear, just interest may be charged, that too if total tax liability exceed Rs.10,000/-

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Ganeshbaabu Ts (40 Points)
Replied 02 April 2018

Ok sir. I dont like to cheat government. That's why asking this question.

Thank you sir.

Ganeshbaabu Ts (40 Points)
Replied 03 April 2018

Hi Sir,

Another one doubt.

1. How to declare my intraday profit in ITR-3. Shall i add my intraday trading income with my freelancing income.

2. Shall to declare STT, Brokerage, Exchange charges, and all other taxes as my expenses.

Please clarify me sir.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178001 Points)
Replied 03 April 2018

1. your freelancing income may be assessable u/s. 44ADA (depending upon eligibility)...... while intraday business u/s. 44AD

2. Expenses are always deductible under normal assessment, but are taken care off under presumptive assessment.

Ganeshbaabu Ts (40 Points)
Replied 03 April 2018

Thank You Sir.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178001 Points)
Replied 03 April 2018

Most Welcome.

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Ganeshbaabu Ts (40 Points)
Replied 07 April 2018

Hi Sir,

What is the meaning of

ITR3-BALANCE SHEET-NO ACCOUNTS CASE

6 C. Amount of total stock-in-trade.

Is it means value of my stock in demat at 31st Mar 2017? or Amount using for intraday? or both?

Please clarify me sir.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178001 Points)
Replied 07 April 2018

Here stock in trade refers to any stock you would held as on 31.03...... based on business declared.. For freelance income it would be zero. While demate account shares may be held as investment... So, in your case it would be zero,

Ganeshbaabu Ts (40 Points)
Replied 07 April 2018

Ohh thank you sir. What is the meaning of - Amount of the cash balance in ITR 3. I need to fill by bank balance. If that is not mean bank balace shall i leave balance sheet tab blank. Please clarify me sir.

And Another doubt is shall i declare my intraday(f&o) income as a business income in P&L tab no 53(i) and freelancing income as a profession income in 53(ii).

Shall i carry forward Speculative loss in SCHEDULE CFL.

Please clarify me sir.