Future and Options/ Intraday trading Plan
*The price is exclusive of any amount payable to Government/Regulatory Authorities and GST.
Services covered :
- Review of Trading Statement from Single Investment / Demat Account.
- Review of Bank Statements
- Review of Profit & Loss Statement and Balance Sheet
- Cross Verification and Matching of Income with Information in Form 26AS
- Income Tax Return Filing
- E-Verification of Income Tax Return
- Tax Planning Assistance
Documents Required :
- PAN and Aadhar Card
- Details of all bank accounts
- Bank Statements for the Financial Year
- Interest Certificate (in case of FD or home loan)
- Profit and loss statement from the broker/ contract notes
- Details of any other income received (E.g. Rent)
- Document relating to tax saving investments or donations or expenses
Who is required to File Income Tax Return?
1. Every Individual assessee is required to file an Income tax return if his/her Total Income exceeds the basic exemption limit.
2. Resident Indians are required to compulsorily file their return irrespective of income criteria:-
a) if they are beneficial owner of any asset located outside India.
b) if they have any financial interest in entities located outside India.
c) if they are Beneficiary of any asset located outside India.
3. Individuals are also required to file an Income Tax Return even if total income is below basic exemption limit in following cases :
a)has incurred expenses on payment of electricity of an amount of Rs. 100,000 or more during the year
b)has incurred expenses of Rs. 2 lakhs or more for foreign travel, either for himself or another person
c)has deposited Rs. 1 Crore or more in the current accounts maintained with a banking company or a co-operative bank
Why should I file Income Tax Return?
The Income Tax Act 1961, obligates certain eligible persons to file their Income Tax Return annually. Filing of Income Tax Return legitimizes your earnings and investments whereas non filing would mean that you have not disclosed your income which is required to be disclosed as per law, which ultimately becomes your Black Money.
Also, by filing your Income Tax Return you can get Refund of excess tax deducted/paid and Carry Forward your losses if any. Further your Income Tax Return plays a crucial role at the time of applying for loans, credit card, obtaining Visa, etc.
What is Form 26AS? Do I need to give you this document?
Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. This tax deducted is then deposited with the government by the deductor. It also reflects details of advance tax/self-assessment tax & high-value transactions entered into by the taxpayer.
You will have to give Form 26AS only when you don't share the login credentials with us. In such a case we will provide the steps for downloading Form 26AS
What are the types of transactions under share trading and where are they reflected in the tax return?
Short-Term and Long-Term Capital Gains form part of Income under the Head Capital Gains while trading in intra-day markets and future and options fall under the head Income from Business and Profession.
How to calculate Trading Turnover?
Turnover for Future and Options is the absolute value of each Profit and Loss trade during the year. For example, if you have a Profit of Rs 1000 and Loss of Rs 500 from F&O, the turnover is ₹1,500.
What happens to the loss incurred in Share Market?
Losses from intraday trading can be carried forward for 4 years, while all the other losses can be carried forward for 8 years provided the income tax return is filed within the due date
Is there any specified rate at which income from Future and Options/ Intraday trading will be taxed?
Income(Profits) from Future and Options/ intraday training will be taxed as per normal slab rates.
Are there any specific documents that have to be uploaded with the ITR
There is no requirement of attaching documents with ITR. However, the taxpayer should always retain the documents on the basis of which he/she fills the return. The tax authorities can ask for the taxpayer to present these documents to them at any time
Can I file a revised return to correct a mistake in original return filed?
Yes, return can be revised but not later than 3 months before the end of the relevant assessment year (i.e. 31st December) or before completion of the assessment whichever is earlier.
Can a return be filed after the due date?
Yes, a return can be filed after due date but not later than 3 months before the end of the relevant assessment year (i.e. 31st December) or before completion of the assessment whichever is earlier.
Is there any penalty if Income Tax Return is Filed after Due Date?
The fee for delay in filing of Income Tax Return will be Rs 5,000 if the return is filed on or before 31st December and Rs 10,000 if the return is filed after 31st December. However, late-filing fees will be Rs 1,000, if the total income of the person does not exceed Rs 5 lakh. In addition to this, interest will also be charged if any tax payment is due.
What is ITR-V?
ITR-V is a 1-page document that you receive after e-filing your income tax return. In case you have not e-verified your income tax return, you must print, sign and send the ITR-V to the Income Tax Department within 120 days from e-filing your tax return.
Do I need to give details of my Assets and Liabilities?
Details of assets and liabilities is required only if the income is more than Rs 50 lakhs
Extremely delightful for the services provided by you, thanks a lot in filling my return in short time.
Must take a moment to recognise and appreciate Yash who was managing my papers . He is a diligent and patient guy but on the same hand also persuasive . Appreciate these traits . Wish him all the best .
I used to previously file my ITR through a professional, but I never understood why am I paying interest in my ITR even though I had filed my returns before due date. So, I went to AJVA for Tax Consultation they explained to me why I am paying interest and guided me on the Advance Tax concept and now I give them the required estimation of income and pay advance tax. It has helped me save a lot of money and avoid interest.
I wished to file my ITR at minimal cost, so I was convinced to file it by myself. During filing I came across a lot of queries but ignored it as didn’t seem much important. However, I received a notice from IT department as I had filed a defective return. To resolve this, I contacted AJVA, they not only resolved the issue but also guided me on how to file and where I went wrong.
I run an MSME but I was unaware what is the importance of Udyam Registration Certificate and the process, after consulting AJVA I learned that it is an identity certificate which is mandatory for all MSME’s for recognition. Thankfully I registered as a MSME in time with the help of AJVA and appreciate the co-ordination from the AJVA team.
I had started a new business but I had a lot of queries on how to Incorporate a company, where to apply, what documents are required and lot of other questions. The procedure was complicated and a time taking activity, I was hesitant to hire a professional for the incorporation process. Thankfully I found AJVA and they handled the entire Incorporation process and helped me complete the same in a timely manner.
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