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Most recents (7)
How to file ITR for F&O trading for FY 2022-23
The last date to file is 31 July
Let's start.
The last date to file is 31 July
Let's start.
Which ITR you have to select;
ITR 3
So up to 2 cr Turnover you can file ITR under Section 44AD (Presumptive Income)
So the main question how to calculate turnover
So the agreegate of Profit and loss is your Turnover
ITR 3
So up to 2 cr Turnover you can file ITR under Section 44AD (Presumptive Income)
So the main question how to calculate turnover
So the agreegate of Profit and loss is your Turnover
Example
Banknifty 42200 ce you have profit of 12000
And in banknifty 45000 pe you have loss of 3000
So your Turnover will be 15000
You can download the file and calculate this is in excel easily.
Banknifty 42200 ce you have profit of 12000
And in banknifty 45000 pe you have loss of 3000
So your Turnover will be 15000
You can download the file and calculate this is in excel easily.
Thread 🧵 on Important Points while Filing Income Tax Returns.
Which in turns saves you from any notice from Income Tax Department.
@Spaysocial @investyadnya @AdeParimal @gaurav28jain
Request to retweet for maximum reach 🙏🏻
Which in turns saves you from any notice from Income Tax Department.
@Spaysocial @investyadnya @AdeParimal @gaurav28jain
Request to retweet for maximum reach 🙏🏻
1. Do check AIS (Annual Information Statement) & TIS (Tax Information Summary)
Both available on income tax portal under services tab.
Please note there might be errors in figures reported in those statements but you can submit appropriate feedback if showing wrong details.
Both available on income tax portal under services tab.
Please note there might be errors in figures reported in those statements but you can submit appropriate feedback if showing wrong details.
2. Choosing of correct ITR Form is the most important thing.
If you choose wrong ITR form your ITR will be considered defective. This will lead to invalidate your ITR if response not submitted in due time.
Invalid ITR is as good as you have not filed ITR.
If you choose wrong ITR form your ITR will be considered defective. This will lead to invalidate your ITR if response not submitted in due time.
Invalid ITR is as good as you have not filed ITR.
The untimely death of actor @sidharth_shukla reminds us again about the fragility of life.
Losing someone is tragic, but lack of knowledge of what to do with the deceased’s #finances can be an added stress.
Here's what you need to do when you lose your loved ones-
Losing someone is tragic, but lack of knowledge of what to do with the deceased’s #finances can be an added stress.
Here's what you need to do when you lose your loved ones-
First things First:
Death certificate is a must have. Check if the deceased left behind a will or not. A death certificate helps in closing bank accounts, claiming insurance, selling property of the deceased, or any work related to #banks or financial institutions.
Death certificate is a must have. Check if the deceased left behind a will or not. A death certificate helps in closing bank accounts, claiming insurance, selling property of the deceased, or any work related to #banks or financial institutions.
Check if the person had the following and clear its dues:
Credit Card
Loans: Personal, Home, or Car
Debts to 3rd parties
Credit Card
Loans: Personal, Home, or Car
Debts to 3rd parties
Here's a full list of eligible investments under 80C.
A Thread 🧵
A Thread 🧵
This is the most commonly quoted deduction. Everyone should know about this. The next time someone says have you used your 80C limit, you will know what they mean!
Maximum deduction per year: INR 1,50,000
There is a whole laundry list of eligible investments under 80C.
Maximum deduction per year: INR 1,50,000
There is a whole laundry list of eligible investments under 80C.
1. Premium paid for life insurance policy
All premium paid towards life insurance is eligible for the deduction.
However, deduction would not be available if the premium payable for any of the years during the term of the policy exceeds 10% of “actual capital sum assured”.
All premium paid towards life insurance is eligible for the deduction.
However, deduction would not be available if the premium payable for any of the years during the term of the policy exceeds 10% of “actual capital sum assured”.
Tax filing websites are great.. if you know what you're doing.
We've had a lot of people come to us after they've been burnt.
Here's 9 reasons you want to stay away from a tax filing website.
A THREAD 🧵
We've had a lot of people come to us after they've been burnt.
Here's 9 reasons you want to stay away from a tax filing website.
A THREAD 🧵
1/ Small errors may lead to big tax outflows.
2/ Tax filing websites are all numbers and no interaction
ITR 1 to ITR 4 - The pain of choosing an ITR
Not sure which ITR you should use? We've got you covered.
A thread.
#ITR1 #ITR2 #ITR3 #ITR4
1/n
Not sure which ITR you should use? We've got you covered.
A thread.
#ITR1 #ITR2 #ITR3 #ITR4
1/n
ITR-1 OR SAHAJ
This Return Form is for a resident individual whose total income includes:
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years)
2/n
This Return Form is for a resident individual whose total income includes:
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years)
2/n
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
- Agricultural income up to Rs.5000.
The form will not be applicable in following cases:
- If you have had investments in unlisted equity shares at any time during the financial year
3/n
- Agricultural income up to Rs.5000.
The form will not be applicable in following cases:
- If you have had investments in unlisted equity shares at any time during the financial year
3/n
Date of filing #IncomeTaxReturn for current financial yr,extended from 31stJuly,to 30thNov2020
TaxAudit date for firms,extended from 30thSep,to 31stOct
Date of issuance of Form16 by firms,extended from 30thJune to 15thAug
22 lakh nil return payees,can soon,file #GSTR3B via Sms
TaxAudit date for firms,extended from 30thSep,to 31stOct
Date of issuance of Form16 by firms,extended from 30thJune to 15thAug
22 lakh nil return payees,can soon,file #GSTR3B via Sms
*All the aforesaid dates are with reference to financial year 2019-20,ending on 31st March 2020.
Date for starting operations by new #SEZs,for claiming tax holiday via Sec10AA of IT Act,extended to Sep 30th2020
Linking PAN with #Aadhaar extended to March 31st2021
Date for #SelfAssessment,till 1 lakh, extended to 30thNov2020
No extension of SA for tax liability over 1 lakh
Linking PAN with #Aadhaar extended to March 31st2021
Date for #SelfAssessment,till 1 lakh, extended to 30thNov2020
No extension of SA for tax liability over 1 lakh
