Comment on Taxation Simplified
commented on
31 Jan 2014, 03:28 PM
Hi AKS,
1. Ideally you should tell your employer that you will file your own returns, no need of disclosing to them your profit/loss from trading.
2. Yes losses and profits from multiple accounts can be clubbed.
3. What I’d suggest in your case is, since your turnover seems very low even though you have made a loss, declare 8% of the turnover as a profit. So if you have done 1lk turnover, declare 8% which is Rs8000 as profit, this gets added to your other income, and your tax liability might be as little as Rs 1000. If you get the books audited, the cost might be much higher.
4. You need to use ITR 4, even though you are an employee, because you are trading on f&O
Hopefully this clarifies.