For the people who retire on March 29, 2018 or thereafter, the gratuity limit of 20 lakhs has been revised. When retired on September 30, 2017, the gratuity was awarded 11,75,000 rupees. Of which 1,75,000 was taxed. Now, on March 28, 2018, the limit of gratuity has been revised to 20 lakh rupees. There is a need to note here that the revised gratuity limit applies only to those who retire after March 29, 2018, and not for the people before that date. After retirement on 30th September, 2017, you will get Rs. The limit of 10 lakh will be applicable to you. If someone is 68 years old, professional fees are paid and TDS is cut to 10%.
I have filed returns by ITR-4 by FY16-16, but in the financial year 2016-17, ITR-3 used to be able to enter my return for financial year 2017-18 through ITR-4. ? To file your income tax returns for the year 2018-19, you will have to use Form ITR3. If you can get the benefit of Section 44ADA, you can file the form ITR4. According to this section, if your overall receipt is less than 50 lakh, then 50% of your gross income is considered as your business income.
In addition, it should be noted that Section 44ADA is levied only by certain occupations like specific medical, engineering, architecture, accountancy, technical consultancy, interior decoration etc. I am trading in securities and also maintaining account books. After taking the balance of the portfolio on March 31, at the prevailing price, I calculate profit and calculating loss for the entire year. Will Profit Become Commercial Income or Capital Gains? If it is a business income, can I file ITR 3? CBDT has periodically given various specifics on this issue (Notification No. 1827 dated 31-08-1989, Circular No. 4/2007 dated 15-6-2007 and circular no. 6/2016 dated 29-02-2016). According to these clarifications and judgments in the light of various judgments, it has to be decided on various factors like devoted time and effort, frequency of transaction etc.
Circular No. 6/2016 states that if you want to earn this income as business income, you can do so and the tax authorities can not challenge it. You have stated that you are spending frequent time trading in securities, so you can use such income as business income and then file your return in formFor the people who retire on March 29, 2018 or thereafter, the gratuity limit of 20 lakhs has been revised. When retired on September 30, 2017, the gratuity was awarded 11,75,000 rupees. Of which 1,75,000 was taxed. Now, on March 28, 2018, the limit of gratuity has been revised to 20 lakh rupees. There is a need to note here that the revised gratuity limit applies only to those who retire after March 29, 2018, and not for the people before that date. After retirement on 30th September, 2017, you will get Rs. The limit of 10 lakh will be applicable to you. If someone is 68 years old, professional fees are paid and TDS is cut to 10%.
I have filed returns by ITR-4 by FY16-16, but in the financial year 2016-17, ITR-3 used to be able to enter my return for financial year 2017-18 through ITR-4. ? To file your income tax returns for the year 2018-19, you will have to use Form ITR3. If you can get the benefit of Section 44ADA, you can file the form ITR4. According to this section, if your overall receipt is less than 50 lakh, then 50% of your gross income is considered as your business income.
In addition, it should be noted that Section 44ADA is levied only by certain occupations like specific medical, engineering, architecture, accountancy, technical consultancy, interior decoration etc. I am trading in securities and also maintaining account books. After taking the balance of the portfolio on March 31, at the prevailing price, I calculate profit and calculating loss for the entire year. Will Profit Become Commercial Income or Capital Gains? If it is a business income, can I file ITR 3? CBDT has periodically given various specifics on this issue (Notification No. 1827 dated 31-08-1989, Circular No. 4/2007 dated 15-6-2007 and circular no. 6/2016 dated 29-02-2016). According to these clarifications and judgments in the light of various judgments, it has to be decided on various factors like devoted time and effort, frequency of transaction etc.
Circular No. 6/2016 states that if you want to earn this income as business income, you can do so and the tax authorities can not challenge it. You have stated that you are spending frequent time trading in securities, so you can use such income as business income and then file your return in form ITR3