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From Confusion to Clarity How Taxbuddy Guided Atish Through the FnO Tax Landscape

About the Case:

Atish, a tech enthusiast, ventured into FnO trading. After learning the ropes from a reputable course and subscribing to charting apps, finance magazines, and algo traders, he achieved a significant turnover of 5.7 Cr with a 21-lakh profit. Despite his satisfaction, tax season brought anxiety.


Recalling his cousin's recommendation, Atish turned to Tax Buddy, a trusted portal. The user-friendly interface and clear navigation eased his worries. Entering details, he asked, "Turnover 5.7 crore, future & option income, audit required?" A Tax Buddy expert, drawing on profound knowledge and extensive experience, provided reassurance and guidance.


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Issues faced By

Atish

Understanding Tax Audits: 

  • Atish wondered if his 5.7 Cr earnings could lead to a tax audit. The internet had mixed opinions, leaving him confused. Seeking clarity, he turned to Tax Buddy for a straightforward answer to ease his concerns.


Claiming Cash Expenses:

  • Atish was unsure if he could deduct cash expenses. Seeking clarity, he reached out to Tax Buddy to understand if his expenses in cash could be claimed as deductions in a straightforward manner.


Tax Deductions for Skill Enhancement:

  • Atish invested in skill-building expenses like courses, finance magazines, and charting apps. He also spent on high-speed internet, a new PC, and mobile recharge. Wondering if these expenses could shield him from tax burdens, Atish sought guidance from Tax Buddy to understand if these costs could be claimed as deductions.


Deducting Trading Costs: 

  • Atish wondered if everyday trading costs, such as brokerage and platform fees, could be claimed as deductions. Seeking clarity, he turned to Tax Buddy to understand if these charges could be considered as part of his deductions.


Trading Losses and Tax Audits:

  • Atish faced losses in F&O trading and wondered if a tax audit applied in this scenario. Seeking clarity on the potential implications, he approached Taxbuddy to understand if incurring losses in F&O trading would trigger a tax audit.


Setting off F&O Losses:

  • Atish incurred losses from F&O trading and wanted to know if he could offset these losses with other income or carry them forward to the next year. Seeking guidance, he turned to Tax Buddy to understand the options available for managing losses in F&O trading.


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How TaxBuddy Helped