Maintain Books Of Accounts
Use reports of sales, purchase & expense downloaded from broker for Income Tax Filing for trader. Assessing Officers can use these records to assess taxable income in case of scrutiny.
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What are the requirements to maintain books of accounts and tax audit?Prepare Financial Statements
Trader with Business Income should prepare & report Balance Sheet and P&L Statement in ITR-3 with details of incomes, expenses, assets and liabilities.
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When is income from Trading considered as Business Income? What Expenses Can a Trader claim in Income Tax Return?
Let CA verify your Accounts
If Income Tax Audit is applicable, books of accounts of a trader should be verified. As per the Income Tax Act, a Chartered Accountant should conduct the Income Tax Audit and prepare a tax audit report.
Read More
When is Income Tax Audit applicable to Traders? How to calculate trading turnover to check tax audit applicability?File ITR with Tax Audit Report
When Income Tax Audit is applicable to a trader, a practicing Chartered Accountant should prepare and file the tax audit report. The trader can file ITR only after the tax audit report is filed by the CA.
Read More
Which ITR Form is applicable to traders? What documents are required to file ITR with trading income?
Determine Audit Applicability
we will determine if Tax Audit is applicable to you.
How to calculate trading turnover to check Income tax audit applicability for traders?
1.
Trading Turnover for Intraday Trading = Absolute Turnover
2.
Trading Turnover for F&O Trading Futures = Absolute Turnover Options = Absolute Turnover + Premium on Sale of Options
When is income tax audit applicable for a Trader?
1.
Losses from Business/Profession
2.
Profit is less than prescribed limits i.e. 6% of the total turnover
3.
Turnover is more than the INR 5Cr
What is the Penalty for not maintaining books of accounts as per Section 44AA?
What is the due date to file ITR if Income Tax Audit is applicable?
1.
31st October 2020 to file the tax audit report for FY 2019-20
2.
30th November 2020 to file ITR for FY 2019-20
Can I claim my trading loss in the ITR without going for Tax Audit?
What documents does a CA need to prepare Income Tax Audit report for traders?
1.
Trading Statements
2.
Bank Statements
3.
Form 26AS
4.
PAN
5.
Aadhaar
6.
and other documents based on your income situation
Maintain Books Of Accounts
Use reports of sales, purchase & expense downloaded from broker for Income Tax Filing for trader. Assessing Officers can use these records to assess taxable income in case of scrutiny.
Read More
What are the requirements to maintain books of accounts and tax audit?Prepare Financial Statements
Trader with Business Income should prepare & report Balance Sheet and P&L Statement in ITR-3 with details of incomes, expenses, assets and liabilities.
Read More
When is income from Trading considered as Business Income? What Expenses Can a Trader claim in Income Tax Return?Let CA verify your Accounts
If Income Tax Audit is applicable, books of accounts of a trader should be verified. As per the Income Tax Act, a Chartered Accountant should conduct the Income Tax Audit and prepare a tax audit report.
Read More
When is Income Tax Audit applicable to Traders? How to calculate trading turnover to check tax audit applicability?File ITR with Tax Audit Report
When Income Tax Audit is applicable to a trader, a practicing Chartered Accountant should prepare and file the tax audit report. The trader can file ITR only after the tax audit report is filed by the CA.
Read More
Which ITR Form is applicable to traders? What documents are required to file ITR with trading income?Determine Audit Applicability
we will determine if Tax Audit is applicable to you.
Talk To An expert
How to calculate trading turnover to check Income tax audit applicability for traders?
1.
Trading Turnover for Intraday Trading = Absolute Turnover
2.
Trading Turnover for F&O Trading Futures = Absolute Turnover Options = Absolute Turnover + Premium on Sale of Options
When is income tax audit applicable for a Trader?
1.
Losses from Business/Profession
2.
Profit is less than prescribed limits i.e. 6% of the total turnover
3.
Turnover is more than the INR 5Cr
What is the Penalty for not maintaining books of accounts as per Section 44AA?
What is the due date to file ITR if Income Tax Audit is applicable?
1.
31st October 2020 to file the tax audit report for FY 2019-20
2.
30th November 2020 to file ITR for FY 2019-20
Can I claim my trading loss in the ITR without going for Tax Audit?
What documents does a CA need to prepare Income Tax Audit report for traders?
1.
Trading Statements
2.
Bank Statements
3.
Form 26AS
4.
PAN
5.
Aadhaar
6.
and other documents based on your income situation