Month: January 2022

Tax Audit | Future and Options Trading

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Tax Audit - F&O Transactions

What is Tax Audit and Future and Options Trading? Tax Audit is defined under section 44AB of the Income Tax Act. Click here for the full text of this section. Future and Options Trading is also called derivative Trading. Please click here for a brief explanation. Every Trader trading in Future and options is been told to get his accounts audited before filing his Income Tax returns. I saw some traders are not filing the Income Tax returns in case of Losses & lose the benefits of carrying forward of…

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Income Tax Refund Status

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Status of Income Tax Refund

How to check the Income Tax Refund Status?   With the link given in the below post, you can check the status of the Income Tax Refund. The income tax return filed may be with the refund or without the refund claim. When the return gets processed, an assessee gets an intimation thereof. If there is a refund claim in the calculation, it will not get credited to the given Bank account of an assessee. But sometimes you won’t be knowing the status thereof. Sometimes when you file a return of…

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