I earned an STCG of around ₹12 this Financial Year. Should I continue filing ITR-4 to avail 44ADA or file ITR-3 to report this STCG?

[CosmicCat]

Had it been easier to use most folks might not be afraid to use it.

Most people hire CA just because they are afraid to pay more taxes in case don't understand the clause properly.

Exactly! Man, even their English is so hard to comprehend, and on top of that, poor formatting (Improper or no usage of punctuations) and incorrect grammar at most places make it even worse.

How hard is it to give me the information in a way that can be understood by the masses?

For instance, where it says, "Do you wish to exercise the option u/s 115BAC(6) of Opting out of new tax regime?"

Abe bhai, seedha-seedha poochh na ki tujhe new tax regime mein bharna hai ki old mein!

 

[shivamk]

Exactly! Man, even their English is so hard to comprehend, and on top of that, poor formatting (Improper or no usage of punctuations) and incorrect grammar at most places make it even worse.

How hard is it to give me the information in a way that can be understood by the masses?

For instance, where it says, "Do you wish to exercise the option u/s 115BAC(6) of Opting out of new tax regime?"

Abe bhai, seedha-seedha poochh na ki tujhe new tax regime mein bharna hai ki old mein!

Truly agreed .

 

[CosmicCat]

You can file itr 3 and still avail the benefit of presumptive taxation i.e 44ad.

No Changing ITR from 4 to 3 Doesn't Change what Section 44ADA is. So No Account books need to be maintained.

In Part A - General it'll ask this :-

(a1) Are you liable to maintain accounts as per section 44AA? (Tick) Yes/No Yes

Select - No

(a2) Whether assessee is declaring income only under section 44AE/44B/44BB/44AD/44ADA/44BBA Yes/No

Select - Yes

Now in PART A-BS It'll ask :-

6 - In case where regular books of account of business or profession are not maintained -

Fill all their subsection 6a,6b,6c,6d and enter 0 If there isn't any details available

Now Finally in PART A - P & L - PROFIT AND LOSS

Fill The 44ADA Details. I Think it's Number 62 for 44ADA

If all your filled details are correct than in computation of income it'll show like this :-

Profit before tax as per profit and loss account ((item 53 ,61(ii)), 62(ii), 63(ii), 64(iii) and
65(iv) of P&L)(in case of no account case)

It'll show your Amount (62(ii) Section For You)

Really thankful to you guys!

I filed ITR-3 instead of ITR-4 this year on 4th July, and availed 44ADA as well—which I wasn't even aware was possible with ITR-3—and mentioned the STCG earned (Just ₹12) in the applicable head.

Today, the ITR has been successfully processed by the CPC with no errors!

 

[HumorSimpson]

Really thankful to you guys!

I filed ITR-3 instead of ITR-4 this year on 4th July, and availed 44ADA as well—which I wasn't even aware was possible in ITR-3—and mentioned the STCG earned (Just ₹12) in the applicable head. Today, the ITR has been successfully processed with no errors!

Party
sorry, ignore it. with rs 12 hardly we get a cup of tea.

 

[Riya]

Party
sorry, ignore it. with rs 12 hardly we get a cup of tea.

next year ispe 15% tax denge to Sri Sri Sri 1008 parampujya Nirmala Taai

 

[CosmicCat]

Party
sorry, ignore it. with rs 12 hardly we get a cup of tea.

I have had nightmares about it though. Also learnt it the hard way to control your intuitions about testing each and everything in detail. I had sold all those debt mutual funds only to test how reliable they are in emergencies. (It was my first time with debt mutual funds though, and I had closed all of them in only a few months after opening! )

To anyone else who's interested, keep your emergency funds in FDs rather than debt funds, as the latter takes around 4-5 business days to get credited into your bank account, whereas FDs generally take a few minutes to do so, except SBI which credits them only between 8 AM to 8 PM.

 

[HumorSimpson]

I have had nightmares about it though. Also learnt it the hard way to control your intuitions about testing each and everything in detail. I had sold all those debt mutual

It's biological fact for . that's why they say, curiosity killed the cat

 

[Riya]

I have had nightmares about it though. Also learnt it the hard way to control your intuitions about testing each and everything in detail. I had sold all those debt mutual funds only to test how reliable they are in emergencies. (It was my first time with debt mutual funds though, and I had closed all of them in only a few months after opening! )

To anyone else who's interested, keep your emergency funds in FDs rather than debt funds, as the latter takes around 4-5 business days to get credited into your bank account, whereas FDs generally take a few minutes to do so, except SBI which credits them only between 8 AM to 8 PM.

govt should allow deduction of brokerage from the LTCG/STCG....
Brokers bhi tax denge aur hum bhi denge....
govt ke mazze hi mazze