I have traded in F&O, intraday trades and short term shares. My total loss is 2 lacs. Should I get audited? Can you please tell me which ITR is right for me? I am not a salaried Individual.
Thank you.
Hey @Hari_Haran,
If your Income other than trading Loss is less than 2.5 lac & turnover less than crore , you won’t require Audit. You need to fill ITR 3
Hey, I just read the article on Income Tax on Trading, Very helpful for beginners like me, so thank you very much! I have one small question! Does the highlighted part mean that as an Intraday trader I have to file my ITR by July 31 2021? image|690x400
Hi @Anoop
Due date for filing the return has been extended.
Due Dates to File Income Tax Returns for FY 2020-21 ( AY 2021-22 )
| Category of Taxpayer | Original Due Date | Extended Due Date |
|---|---|---|
| ITR Filing when Tax Audit is not Applicable | 31st July 2021 | 30th September 2021 |
| ITR Filing when Tax Audit is Applicable | 31st October 2021 | 30th November 2021 |
| Tax Audit Report Filing | 30th September 2021 | 31st October 2021 |
| Due Date for Filing Belated/Revised ITR | 31st December 2021 | 31st January 2022 |
So, You need to file ITR by 30th September 2021 when Tax Audit is not Applicable.
Hope this helps!
My loss from trading of options is 60,000. I don’t have any other income also. is tax audit applicable to me for FY 2020-21?
Hi @harijanardhan, tax audit is broadly applicable in three cases- in case of other income; reported loss; opted in/out of presumptive tax. Without knowing your entire income situation, I won’t be able to give a definite answer but you can go through this article which will help you understand your audit liability. If you face any other problem, please ask, would love to help.
Hi
I have taken Voluntary early retirement offered by my company last FY. I have received an ex-gratia compensation for the same. I have heard that an exemption up to Rs.500000 is allowed for such compensation. If so where do I include this while filing the ITR. Also please let me know when the “ADD BROKER” feature will be enabled on your site.
Thanks
Girimon
As per my opinion, ex gratia compensation is exempt from tax if employee receives ex-gratia from Central govt/state govt/ local authority/Public Sector Undertaking, otherwise it is taxable.
Further, add broker feature is already enabled on site.
Hope, it helps!
Hi Kaushal
Thanks for the reply. I found 2BA which also says “any other companies”. Can you please check and let me know.
Thanks & Regards
The term ex-gratia defines the payment received by favour or gift voluntarily without having any obligation or legality involved from the employer side and hence, compensation by this nature may be taxable.
But, If any amount received or receivable by an employee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or scheme of voluntary separation, to the extent such amount does not exceed five lakh rupees, shall be exempt from tax.
Further, such compensation has to be paid in purview of company’s voluntary retirement policies or obligatory by the employers and according to rule 2BA of income tax rules.
I hope, it helps!