Comment on Taxation for Traders - Introduction

Varughese K Eappen (@VKEappen) commented on 28 Jul 2014, 02:49 AM

Hi Nithin.Thanks for your quick reply.
While filling out my ITR 4 form I had few doubts. Hope you could clear it for me.

Do we need to fill the Balance Sheet and P&L schedule both(I am already mentioning Capital Gains separately under schedule CG). Balance Sheet and P&L seems to be for those who are selling goods and services. I may be wrong.

Also in schedule BP(Computation of Income from business or profession).
Part A 3 – Income/receipts credited to P&L account considered under other heads of income:
subsection (c) Capital Gains: Do I need to mention capital gains here as I am already mentioning Capital Gains separately under section CG.Here it is not accepting negative values and I have a loss this year.

Finally in Schedule CG,part A Short Term Capital Gain ,
section 3a. Full value of Consideration – Does this refer to the total amount of Shares & Futures sold?. If so do we consider value of sale after deducting brokerage and taxes.

section 3b(i) Similarly cost of Acquisition(without indexation): Does this refer to total buy amount in the year and if so do we include brokerage amount here or do we show brokerage and taxes separately.

section 3b(ii):Cost of improvement without indexation: Can I Include cost of training as I had joined a paid newsletter which provided me with a daily review of stock market.

section 3b(iii)Expenditure wholly and exclusively in connection with transfer: What is this field for. Should I be mentioning my total brokerage and taxes(STT, stamp duty etc) here.

I know I have asked a lot of questions in one post. Hope you answer quickly as always and thanks in advance.

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