Makarand malhotra business plan

Taking a shortcut like this could mean a lot of trouble if called for an IT scrutiny. An audit is required if you have a business income and if your business turnover is more than Rs 1 crore for a financial year.

Which ITR form to use? You can claim a tax refund if you end up paying more advance tax than what was required to pay for the financial year.

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When you have a business income you have to pay most of your taxes before the year ends on March 31st. You can also check this link to see how exactly interest or penalty is calculated for non-payment of advance tax. Tax refunds are processed in quick time by IT department.

There are various types of audits prescribed under different laws like company law requires a company audit; cost accounting law requires a cost audit, etc. It also helps lenders evaluate credibility, and act as a check for any fraudulent practices. I have come across incidents where people have declared both speculative and non-speculative as capital gains to avoid having to declare business income, and not having to use ITR3.

By booking the loss, the tax liability for the financial year would reduce. It is called BTST when you buy today and sell tomorrow without taking delivery of the stock. Ideally this audit should be done by the IT department itself, but considering the number of balance sheets out there it is surely impossible for IT department to audit each one of them.

Small Business

Towards the end of a financial year you might have realized profits and unrealized losses. We will discuss more on this in the next chapter. A factor to consider is if such BTST trades are done just a few times in the year show it as STCG, but if done frequently it is best to show it as speculative business income.

Disclaimer — Do consult a chartered accountant CA before filing your returns. We will in the next chapter briefly explain how a CA typically creates these two statements.

You can make your advance tax payments online by clicking on Challan No. We will discuss this in detail in the next chapter.Anjana has completed her B.

Tech.

in Biotechnology and Biochemical Engineering from Sree Chitra Thirunal College of Engineering under the University of Kerala in Key takeways from this chapter.

Speculative business income if trading intraday equity. Non-speculative if trading F&O, or short term equity delivery actively. Contact an Account Manager, Small Business: Ontario.

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Makarand malhotra business plan
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