How easy to fill ITR2? Is there any step-by-step instructions?

Ans: For FY 2020-21 updated return can be filed after paying 50% of additional tax and interest (if applicable) + Late filing Fees and For FY 2021-22 updated return can be filed after paying 25% of additional tax and interest (if applicable) + Late filing Fees.

Updated return can not be filed for claiming loss or refund.

In case of genuine hardship in filing ITR, condonation application can be filed with the Pr.Commissioner of Income Tax/Pr.Chief Commissioner of Income Tax/CBDT (depending on claim of refund/loss) for last 6 years.

Ans: Hello Shyam,

Certainly! Here's a simplified guide on the treatment of Futures & Options (F&O) in Income Tax Return (ITR) filing:

1. ITR Form Selection: If you're involved in F&O trading, you should ideally file your returns using ITR-3.

2. Income Classification: Income from trading in futures and options is classified as non-speculative business income. This means that any profit or loss from F&O trading will be treated as business income/loss.

3. Reporting: All gains and losses from F&O trading must be reported in your ITR. This includes both speculative and non-speculative transactions.

4. Tax Audit: If your turnover from F&O trading exceeds the prescribed threshold or if you report a loss, you might be subject to a tax audit. It's essential to maintain proper books of accounts and get them audited if required.

5. Due Date: The last date for F&O Trading ITR Filing for non-audited cases is 31st July 2023.

6. Taxation Rules: It's crucial to be aware of the specific taxation rules applicable to F&O trading. For instance, expenses related to trading, like broker's commission, can be claimed as deductions.

7. Loss Reporting: If you've incurred a loss in F&O trading, it's essential to report it in your ITR. This loss can be set off against other business income, and if not fully set off, it can be carried forward to subsequent years.

I hope this helps!

Ans: Review Mistakes & Complex Questions: Your daughter should revise all the wrongly answered, complicated, lengthy, and difficult questions she has encountered over the past 2-3 years.
Concept & Formula Revision: Regularly revisiting key concepts and formulas will strengthen her understanding and recall.
Mock Test Practice: She should continue attempting online and offline mock tests, especially those structured similarly to BITSAT.
Time-Bound Practice: Solving time-bound mock tests from the past 10 years will significantly boost her confidence and exam readiness.
Analyze Mistakes: Most importantly, she must thoroughly review all incorrectly answered questions from her mock and practice tests to understand and rectify her mistakes effectively.