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Tax Audit and ITR filing for F&O Loss | CA required for reporting F&O transactions
We are getting enquiries on a regular basis from salaried employees who are also trading in stocks or Futures and Options (F&O) about the filing of Income tax returns and the applicability of Tax audits on such transactions.
In this connection, we have made a modest attempt to address the issue in this article.
Trading in stocks or F&O, can be broadly classified into (a) Speculative business transactions and (b) Non Speculative transactions.
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Linking of PAN and Aadhar for NRI or OCI Cardholders in India
If you are holding an Indian PAN Card and have not linked your Aadhar to the PAN in the Income Tax Portal, there is a high chance of you getting a mail with the caption FW: NPXXXXXX0M – PAN-Aadhaar Linking Campaign
In this campaign from the tax department, they have mentioned that if your PAN is not linked to Aadhar on or before 31st March 2023, your PAN will become inoperative.
A majority of Non-Resident Indians (NRIs) or OCI Cardholders do not have Aadhar Card and they are panicking about the next course of action. How can I obtain Aadhar now? Is it mandatory for NRIs like me? etc., are the common questions I am getting from my NRI friends.
NRI is exempt from obtaining Aadhar Card.
A Non-Resident Indian (NRI) is exempt from obtaining Aadhar Card. As per Notification No.37/2017 of Income Tax, certain category of persons are exempt from linking Aadhar to PAN and one of the categories is a non-resident as per the Income Tax Act, 1961.
If you are an NRI or OCI Cardholder, please take care of these facts:
1. What should you do if you don’t have Aadhar Card?
If you are an NRI, not having Aadhar, you can ignore the campaign mail, and no action is required from your end
2. If you have Aadhar, what needs to be done?
If you are an NRI, but already have Aadhar card, not linked to PAN, you have to link to your PAN card before 31st March 2023
3. As an NRI, what precautions do you have to take?
Sometimes, you would have given your status in IT Portal as Resident Indian. Kindly check your status disclosure and the changes required, if any.
Proper disclosure in the IT Portal and records will save you from the pain of de-activation of your PAN number. The pain points of inoperative PAN are:
- If PAN is de-activated, the banker will deduct TDS at a higher rate on your interest.
- You won’t be able to repatriate funds from India
- You can’t carry out any financial transactions like mutual fund, stock trading, etc., in India.
Precaution is better than cure. Please follow the steps correctly and avoid unwanted complications.
Hope this helps.
In case any professional help is required, you can always write to me at This email address is being protected from spambots. You need JavaScript enabled to view it. or WhatsApp to 9845721255