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Debkanta Paul

Category : Stocks (..,
Solved
July 10, 2018 1:05 pm
  • Stocks (delivery)
Hi Amlan I am doing intraday & delivery based trading and I want to show them as business income .
1)Then what will be my total turnover?( Is it the addition of intraday + delivery turnover)
2) If the total turnover is less than 2 crores but more than 20 lakhs and I want to opt for Presumtive scheme 4...
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RAJ
1) add both T.O
2)fill ITR 3
  • July 10, 2018
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Amlan Dutta
1.) Delivery trades are not considered in business income , rather it is a part of capital gains

Only intraday or Future and options contracts entered into are to be used for turnover computation ...ITR 4 can't be used if income from capital gains is there( However if such is exempt than it can be...
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  • July 10, 2018
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Narendra Rawat

Category : Selectio..,
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July 10, 2018 10:29 am
  • Selection of Return
Sir my main source of income is coaching centre i teach students upto 12 class my earning is 400000 pa around , no books of account i want to know that should i show this in Buiseness income or professional income,which ITR should i file
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RAJ
its business. fill ITR 3
  • July 10, 2018
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Lokesh Jangid
Yes Narendra Rawat You can file ITR U/S4 44AD
  • July 11, 2018
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Debkanta Paul

Category : ITR 3..,
Solved
July 10, 2018 1:55 am
  • ITR 3
Amlan sir pls tell me if I am a professional ( private tution) and filling ITR3 in no account case then what detail should I fill in the column if Sundry creditors ,,debtors ,,stock in trade and cash balance.
I am not doing any business then should I keep this blank( for your vivid understanding m...
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Amlan Dutta
The word sundry comes from miscellaneous which cannot be pointed at ...so sundry sales means miscellaneous sales

Your business ( Intraday trading ) has no question of sundry creditors.... Sundry creditors are trade related purchases that you have made on credit ( you shall return them money after so...
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  • July 10, 2018
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SYED UMAIR HUSAIN

Category : How to f..,
Solved
July 10, 2018 12:35 am
  • How to fill Salary breakup in ITR 1
Dear sir, What if i file the return using the "income chargeable under the head salaries" and show the deductions given in my form 16 part B.

the tax deducted is exactly matching with the tax deducted according to the form 16 B.

is this wrong?
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AYUSH
Hello shyed regarding your query the income tax department has done new formating in itr salary breakup for more clarity and reporting purposes if you will make same as it to form 16 it will not hammper you I believe but my advice is to show as preferred format for avoidance of future consequence. O...
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  • July 10, 2018
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Amlan Dutta
I am not sure i understand your question ...the income chargeable is not a editable field that one can fill directly for return utility for AY 2018 19 ...it is self computed once the assessee fills all other fields required for computation of chargeable income .....basically chargeable income = sala...
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I am not sure i understand your question ...the income chargeable is not a editable field that one can fill directly for return utility for AY 2018 19 ...it is self computed once the assessee fills all other fields required for computation of chargeable income .....basically chargeable income = salary + non exempt allowances + perks + perquisites - Deductions U/s 16 ....so assessee is required to fill ion salary , non exempt allowances, , perks , perquisites , and deductions ...Once assessee does the chargeable income gets automatically computed ...the assessee cannot fill the chargeable income directly ...look at the attached pictures for more clarity ..... I am not sure i understand your question ...the income chargeable is not a editable field that one can fill directly for return utility for AY 2018 19 ...it is self computed once the assessee fills all other fields required for computation of chargeable income .....basically chargeable income = salary + non exempt allowances + perks + perquisites - Deductions U/s 16 ....so assessee is required to fill ion salary , non exempt allowances, , perks , perquisites , and deductions ...Once assessee does the chargeable income gets automatically computed ...the assessee cannot fill the chargeable income directly ...look at the attached pictures for more clarity .....
  • July 10, 2018
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