ITR 3 Filing for Future & Option Losses with Excel computation
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- Опубликовано: 14 окт 2024
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Many people are getting error of Audit and possible defect in case of Loss. Please note it is warning for possible defect and not ERROR. You should consult your Tax Professional to ascertain the liability of Audit as it may very case to case and need lots of information to reach on final conclusion. Also note if you are sure about Tax Audit then you may proceed to file the return. Watch this video for more information • You have claimed incom...
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📍In this session we have discuss ITR 3 Filing for Share Market Income with Intraday calculation #Sec111A #Sec112A #Intaday #Income
🗒Taxed under Capital Gains
If shares are not treated as stock in trade, then it shall be classified as Capital Assets and to be taxed under the head of “Capital Gains”. However please note intraday transactions shall always be consider as speculative business transactions**. “Capital Gains” means profits or gains arising from transfer of a capital asset
** Transaction for Risk management are not speculative transaction like hedging, forward & derivative contract. Capital Gain from equity share and equity oriented mutual fund have special rates of Income Tax u/s 111A and 112A and doesn’t not taxed at normal slab rates
🗒Taxed under Business Income
Under this type of trading, the share transaction is said to be complete only when there is actual delivery of shares/securities upon the settlement of transaction i.e., in other words, when shares are purchased/ sold on delivery basis, then those shares will be transferred to/from Demat account of the buyers/sellers. The buyer of the share will have to pay the full value of share and the share will become his asset with that either he can trade in his business or hold for investment. As per Section 43(5) of the Income Tax Act, 1961, intra-day trading shall be considered as speculation business transactions and the income therefrom would be either speculation gains or speculation losses. Income from speculation gains is taxed at the normal rates. Accounts of intraday transactions and other transactions are need to maintain separately. Expenses including STT shall be book as expense and normal PGBP provision shall be apply.
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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of RUclips videos.
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Finally, I have FIled my ITR 3 with the help of this Video. Thank you so much Vivek for your guidance.
Thank you Sir, Maza aa gaya khud ITR fill kar ke. 12hr lagatar bethkar finally submitted.
Best Video. I have seen till Date for ITR filling.
Most of the people hide many things but in this video you get all the information related to ITR 3.
Vivek Ji i have to say one thing, watched so many videos on this topic, but i got the satisfaction of knowing this topic only after watching your video. Thank You.
Sir, Pura You tube search kar liya , jitna satisfaction yanha aya , wo kanhi nahi tha. Thanks for your effort
Excellent one!👍
Great Man ♂️
God bless you and your family everything good 💯
❤❤
Thank you 🙌
आपका काम ईमानदारी का हैं सर थैंक्स
आपसे कुछ पूछूंगा जी.
Hi I am a chartered accountants i appreciate your video for correct place to show loss and not complicating anything by including provision of 44Ad(4)
If a future contract is sold on the 3rd day from the date of buying, and for 2 days if it is appearing as loss. while computing turnover, do we need to calculate 2 days loss also or only profit on the date of sale.pls advise
i dont know what will happen later. but for now i successfully filed my itr 3 by just seeing this video. i saw 12 videos on the topic and got even more confused but u made it so easy.
Finally Filed Vivek Ji. A Big Thank You for help. I was in so much tension how to file. I was first timer and was looking to file ITR 2 with just CG and not wanted to book loss. But after watching your video 4 times and with your master guidance and step by step guidance I was able to file my return for AY 2022-23. I hope I would not get any notice or anything. Since Regards for help. Will definitely take your services once I come under Audit Category. BIG SALUTE. LOTs of LOVE
Finally Filed Vivek Ji. Very informative and detailed presentation. I was in so much tension how to file. I was first timer for ITR3. But after watching your video and with your master guidance and step by step guidance I was able to file my return. I hope I would not get any notice or anything. Thanks again
Thanks. I filed the ITR # 3 according to your video with F&O losses and refund. Today i got processed with out any problem.
Glad to hear
Filled itr3 on 31 July ,great video sir 👏👏👏
Hard work u did ..in explaining...thanks...laughed ..while u said..aise file hoti hai😂
subscribed after this this video. great good. abhi aadha hi dekha hai abhi continue karta hun.
Thanks for creating such detailed level video on filing ITR with F&O PnL & Short Term Capital Gains. I had been searching for this type of content online for a long time. This video has helped me not only understanding the concepts of ITR filing with F&O Trading but also your free template for creating the Balance sheet and turnover for trading account has helped me filing my ITR single handedly. Thank you so much once again !!!
Dear Vivek, Many thanks for your efforts to explain us in detail about ITR filing for F&O losses. you have covered all minute things. Hope we can file our ITRs by our own. Your other videos are also so good. Once again thank you so much.
Appreciate your support
Can you please share your computation excel sheet
@@finoholic Check in description
Filing an ITR by own is just like taking medicine without consulting a doctor
Thanks a lot. I could submit my ITR3 return by watching your video at the last minute. I should have watched this video much earlier
Sir,
Thanks for your excellent, informative explaination to file ITR 3.
Earlier I was filed ITR 1. But due to trading, 1st time I have filed ITR 3 with the help of your video & submitted ITR 3 successfully without any error. I saw your video in last 3 days & prepared Computation sheet so that easily filed the ITR. I have filed for Salary, House Property, CG, FnO.
Once again heartiest Thanks.🙏🙏🙏
Can you pls share how you filed F&O profit and loss. I tried not able to get since video in Hindi.
Cant able to find a video for ITR 3 filing for salaried with F&O.
It would be very helpful.
can you pls share your mail Id.
Thanks for valuable your video and submitted itr3.. Thanks once again
I have liked and subscribe before listening to your video just by seeing excellent comments.
Best top information in free 👌🙌👍 very much thanks sir.
Thank you. You shared lot of information useful to retail traders.
wah ! mazza aa gaya video dekh kar, i saw more than 50 youtube videos from last 3 days, but i got clear all confusion in this video. you explained really great. you deserved like. comment and subscribe. and i did it. :)
Take a bow for your explanation sir 🙏amazing efforts.👏 I have not seen such a detailed explanation for a share market taxation ...Thanks a ton🤗
I follow all your videos😊
Vivekji
Your efforts to make this video is tremendous .I am appreciate your work.
Best wish for your success.🙏
One of the best videos that I've ever seen..! Kudos...!
🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏 EXCELLENT, IMPRESSIVE, KNOWLADGABLE, AAP KO MERA SALUTE.
Very good and detailed explanation
God Bless You Buddy. this video still helped me to File my ITR
This is nice video...
Please share video...for following point...
Capital gain securities.... Short term and long term....
Intraday profit....
F &O profit.....
Share dividend....
FD INTEREST....
The best one i have seen in respect of intraday & F &O
Really sir,
This video Amazing, wonderful, fabulous and thank u for ur hard work, efforts..really 👍👍
Cool 😮 saw full video peacefully to know some rules
Very informative. Thanks.
Thank you so much sir ....I can file return very quick because of your video
This is the detailed video till date I have listened till date. Thank you.
Sir please talk slowly and peacefull to understand easily is the main motive of yours thanks.
Thank you for great explanation.
very nicely explained sir.
in cash intraday trading the the profit and loss are separately totaled and then both totaled. That is annual turnover. Fr options premium paid and received both have to be added for turnover . For other transaction short term or long term comes under capital gains and not included in trading volume to calculate condition for audit under 44AB
Excellent Video Bhai...I never came across such a detailed video !!! Hats off to you ...You deserve BIG APPLAUSE !!! 🙏🙏🙏🤝🤝🤝
Explanation is very good. Awesome
Wah sir maza aa gaya dekh kr video
Hellow sir, thank you for such valuable class
Beyond words sir
Excellent guidance salute to your efforts
I have no words to appreciate you
Lots of love
I will definitely make others subscribe like and share your channel
Glad to here
Great efforts sir
Impressed with the way of teaching
😻love from Telangana
short n sweet explanation
thank you so much bro, by your videos i were able to file my itr
You are most welcome
mujhe lag raha apunich hi CA ban gya hai... Very good and informative video, good job, keep it up
Very good presentation. Thanks a lot Sir.
Really very much helpful video. I have prepared my ITR 3 return using your video. Validation is sucessful. But showing error that i have claimed income less than 8% of gross turnover and audit information is not filled up. ITR portal asking to fill up audit information. I have salary income of 8.50 lakhs after deduction and FNO loss of 94,000. I have selected section 44AA for book of accounts maintained and other sections selected no and audit required as No. I am filing ITR-3 for first time and previously i filed ITR-2
Tax audit krvana padega bhai
Loss on sale of share long term can be set off from long term capital gain on other assets not from shares
Good
Sir, your work is appreciable as our students, who want to learn or study with a job
Glad you like it
@@FinTaxPro sir, need mora clarity on balance sheet. Can we only show bank FD, credit card payable, loss on f&o, mobile as capital asset. But balance sheet not matching
very well explained
The way you explained it is just Amazing, Great work man, my all Doubts are cleared right now only because of you and i am surfing on internet for a while and then i found this video and my all doubts got cleared from just one single video... Keep the Great work coming on this channel ! :)
This is one of the finest and detailed explanation of all provisions! However, Even then I'm getting error:
Category of defect B/D :You will be allowed to upload the return. There is a possible defect present in the return or some of the deduction/claim may not be allowed.
You have claimed income less than 8% of Gross Turnover and audit information is not filled up.
Kindly fill up the audit information since you have claimed income less than 8% of Gross Turnover.
same here, need suggestion plz
i also got the same error
Many people are getting error of Audit and possible defect in case of Loss. Please note it is warning for possible defect . You should consult your Tax Professional or refer 44AB & 44AB to ascertain the liability of Audit as it may very case to case and need lots of information to reach on final conclusion.
Watch this video for more information ruclips.net/video/FgWG4fqKglo/видео.html
@@Rams369 Many people are getting error of Audit and possible defect in case of Loss. Please note it is warning for possible defect . You should consult your Tax Professional or refer 44AB & 44AB to ascertain the liability of Audit as it may very case to case and need lots of information to reach on final conclusion.
Watch this video for more information ruclips.net/video/FgWG4fqKglo/видео.html
@@shagungupta6479 Many people are getting error of Audit and possible defect in case of Loss. Please note it is warning for possible defect . You should consult your Tax Professional or refer 44AB & 44AB to ascertain the liability of Audit as it may very case to case and need lots of information to reach on final conclusion.
Watch this video for more information ruclips.net/video/FgWG4fqKglo/видео.html
Thank you sir I filed my ITR3.
Hello sir! Thank you so much for explaining it so well! Can you please explain how to treat commodity losses of upstock account?
Sir hum apne return Itr 4 Mein filling karte the. Business income he above 8% but fno mein loss hai aur swing trading Mein Bhi afterall losses book kiya.. So Sir please make videos fno losses with businee income itr 3
Wow ... very well explained....thanks sir
सर आपका चैनल सब्सक्राइब करने के बाद पता चला कि ऐसे भी होता है, मैंने 3साल पहले ऑप्शन में बहुत लास किया था लेकिन ITR file नही किया क्यूंकि मुझे मालूम नही था । आपका पूरा वीडियो देखा लेकिन बहुत जटिल काम है 😀 इस साल का ITR-1 फ़ाइल कर चुका हूं क्या अभी intraday long and short term wala ITR-3 file कर सकता क्या
Thanks sir very useful videos
Thanks for detailed explanation... Your videos always been helpful
"Perfect"
All my queries solved. Thanks.
Just one question -
at 54:45/1:17:14 on audit information page, the form asks for:
"if TO exceeds 1cr but does not exceed 10cr"
To which you chose yes and moved on.
BUT what if in my case TO is less than 1cr ?
What would it do next? Will i be able to fill these forms? Or some other provisions will come into play??
Plz solve & explain my query in detailed manner just like the detailed videos you make..
I'll be waiting for the answer...
Thank you so much, it helped me a lot
Very well explained sir
Sir i have two sources of income
1 fno and intrday trading
2 interest from other parties
So which balance sheet is to be uploaded
Individual or for business
Pls clarify
Thanks
Good to understand fno taxation with example. 🙏
I wish if I could give more than one like. Thank you for this video.
Amazing explanation sir
Please don't be angry with me.. i've liked the channel and i subscribed too... and the vedio is amazingly useful..
I am sorry sir.
Thank you for your help and knowledge
Glad it was helpful!
Thank u so much sir
sir ne jo upload kiya tha vo kya tha? prefilled vale me?
Great Job Sir, deep knowledge provided in ur video,
want u one correction in case of Zerodha Option turnover they provide only Total of Absolute figure in Turnover, so Total sale value of premium recd. need to be add in that Turnover figure,
Thank Sir
Very good video, I only have 1 question, while proceeding to verification I'm only getting option of verifying through DSC and not through Aadhar or Saving account, why is it so?
Truly awesome detailed video sir... thank you very much. Is there any video on how to make balance sheet?
Sir Trading Account of Specultive & Future & Option Ka kese banega and Turnover to aap wali lelenge but purchase value kya lenge
Hello! Mera main work share trading (short-term/ long-term) hai, aur investments in bank FDs, mutual funds, NCDs hai, and very little Intra-day transactions. To kya ye business consider kiya jayega?
Yadi haan, to ITR form kaunsa file karna padega?
Aur kya mujhe audit karwana padega? 🤔
It’s a best video on ITR-3. I have a question, if turnover is 15 lacs then Book of Account need to maintain under section 44AA because amount is less than 1 crore. I have losses also in F&O that I want to carry forward. Please help.
Thanks for excellent video.
I get error Category of defect B/D :You will be allowed to upload the return. There is a possible defect present in the return or some of the deduction/claim may not be allowed.
You have claimed income less than 8% of Gross Turnover and audit information is not filled up
Kindly fill up the audit information since you have claimed income less than 8% of Gross Turnover.
Kindly advice
I am also getting same. Kindly help.
If you got any solution to above issue. I am also getting the same error.
Nicely explained
Sir, agar hum future or option ko purchase karte hai or same day hi sell (square off) kar dete hai to ise intraday me consider karenge kya
Nice Video. Very Well explained each part.
Superb explain 👍👍👍
Sir can you upload a video on how to report RSU, ESOP and EAPP in ITR filing
Hands down one of the best explanations on RUclips to date. I would recommend using Quicko Tax Filing provided in Upstox for determining the exact expense in the STCG and Speculation rather than dividing it in ratio. Thank You 😄
Very useful.
Sir sir sir ...the best knowlege ...
Dear Sir, FNO k 10 trade me se 2 trade me loss ho jaaye....to kya un 2 trade k loss ko hum ITR3 file karty huye loss carry forward kar skty hai? (By assuming profit in 8 trades higher than loss in 2 trades)
Sir, pls share how to prepare books of account/balance sheet for PGBP
Sir..closing stock of 1500000 is closing stock of what? is that shares, future and options stocks. If yes, is it in Round Figure?
Very good information. Thank you! V V R Prasad
Sir, you r explanation of each and every heads and calculations is very impressive. Salute to ur hardwork sir.
If i mention short term investment in normal business instead of capital gain so can i include STT charges. If it is possible then where can add STT charges. Please suggest sir and please make video on fyers tax p&l calculation as well. Hope it help lot. Thanks in advance.
Sir purchase buying amt hoga?
Very very thanks sir
Lazawaab👌👌
When you had declared that you are liable to maintain books of account, now, how can you enter speculative loss in 'No Accounts'. I think you need to enter this speculation loss in Sl No. 12a, 12b ? Please confirm.