#FY23-24

Income-tax Return (ITR) Forms 2 and 3 include a Schedule FA for reporting foreign assets, income, beneficial interest and signing authority. This schedule is widely regarded as one of the most complex sections to fill in the ITR form. Introduced to combat tax evasion and money laundering, Schedule FA has been a mandatory component of […]

I have capital gains on the sale of equity shares and mutual funds I bought in 2020. Which ITR form should I choose, and where should I report these gains in the ITR? For listed domestic shares and mutual funds, if the holding period exceeds 12 months, the gains are considered long-term. Since the shares […]

Could I offset my trading loss with the profits I earned on my long-term stocks and mutual funds holdings? What are the set-off rules for trading loss? Let’s first understand how income from different transactions is classified. F&O trading is classified as a non-speculative business, while intraday trading is treated as a speculative business. Further, […]

I understand that I must file an ITR 3 income tax return as I have trading income. However, while filing the form, I must choose whether I am eligible to maintain accounts and whether I am obligated to get an audit done. How do I know if this applies to me? You are liable to […]