Salary + Futures & Options (F&O) Trading

Description

Review of Form-16 and salary income details from employer.
Collection and review of F&O; profit & loss statement from broker platform.
Classification of F&O; income as non-speculative business income as per Income-tax provisions.
Assessment of tax audit applicability based on turnover and profit/loss position for the year.
Review of capital gain statements from broker / mutual fund platforms where applicable.
Review of intraday trading income classified as speculative business income where applicable.
Verification of TDS and tax credit details from AIS / Form 26AS summary.
Computation of taxable income including F&O; business income or loss.
Preparation of ITR-3 return including business income and capital gains schedules.
Calculation of tax liability or refund based on records provided.
Filing of return on income-tax portal using taxpayer credentials.
Sharing return acknowledgement after successful submission.
Basic guidance regarding carry-forward of F&O; losses and future compliance.