If you have not done any derivative trading then it's not required to.do audit
If you want I can help.you on that
First time filing ITR
I turned 18 last year on 29 june 2019. I opened a bank account with SBI. My dad gave me some money to invest. I bought Mutual funds worth 50k. I deposited another 50k in FD 10 year tax saver. I did some intra day trading. I suffered speculative loss of 1.5 lakh. There were charges Like STT GST Brokerage of 3.5 lakh. So a total loss of 4.5 lakh. I have multiple demat accounts. With Zerodha, Upstox , Edelweiss, Aditya Birla Capital, Samco, Wisdom Capital. Majority of trading was done in Upstox only. Now I know i have to use ITR 3. But as i Have suffered loss so is Auditing mandatory ? if yes then how much will auditing cost ?? If no how can i not do audit. And I don't have any sources of income like salary or anything like that. Thank You If you feel like i am missing something then please tell me.
Asked 4 years ago in Income Tax
Thanks Vidya. If i have to do an audit and file my ITR through a CA like you how much will it cost. I have all the transactions where everything is written in very brief way. Please tell me how much will you charge
Asked 4 years ago
7000 for audit and 2000 for income tax return filling.
- As the money was given to you by your father. It is a gift of money. Income earned by you from gift money will be clubbed in the hands of father and will be shown in the ITR of father. Income earned from income of the gift amount will be taxable in your hands.
- Income from mutual fund, interest from FD and speculative loss will be taxable in the hands of your father.
- Please take phone consultation for detailed discussion.
Dear Sir,
Hope you are doing well !!
-Gift money will be clubbed in your father income.
-You don't need to add the income from gift amount in your income. It will be taxable in your father hands due to clubbing provision.
-Also, there is no need of audit.
We may assist you in entire procedure.
It is advisable to take a phone consultation for detailed discussion.
The loss/gain will clubbed in the hand of your father,
Dont worry , filling of ITR is easy process provided that you have accurate details.
Hey,
Based on the information given by you, I am assuming that your total income during the year is not more than 2.5 lacs. If that's true, you are not required to get your books audited even if you have made losses during the year.
But, you will have to file ITR 3. We can help you in filing the same.
1. If you have only earned loss then you are not required to even file return of income as your total income would be below 2.5 lakh and as per provision of section 139 one is required to file return of income only when total income exceeds Rs. 2.5 lakh.
2. Please tell me about your turnover.
It would be better if you take a phone consultation for better and detailed consultation.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
The charges would depend on the transactions and complications.
Please contact directly for charges.
Hello,
Applicability of audit depends upon the gross total income(other than the loss) and if you want to carry forward the loss for set off from income in future years.
But since your case, the money was gifted by your father, the loss would be clubbed in your father's return.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
For further understanding and for information about the charges, you can contact us directly or take a phone consultation.
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA