What is the advantage of declaring trading as a business income? Option: Simpler ITR forms, Higher tax rates, No need for audit, Ability to claim expenses related to trading

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What is the advantage of declaring trading as a business income?

Simpler ITR forms

Higher tax rates

No need for audit

Ability to claim expenses related to trading

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What is the primary advantage of using ITR 4 for taxpayers engaged in business?

It exempts taxpayers from paying advance taxes.

It simplifies tax filing for businesses with complex revenue streams.

It eliminates the need for maintaining detailed books of accounts and audits for eligible businesses.

It allows taxpayers to claim a higher deduction for business expenses.

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Which ITR form is required to be used when declaring trading as a business income in India?

ITR 4

ITR 1

ITR 2

ITR 3

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Which ITR form is required for individuals declaring business income from trading?

ITR 4

ITR 2

ITR 3

ITR 1

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How does filing an ITR help individuals establish losses incurred in the stock market?

"It exempts them from paying taxes on capital gains"

"It enables them to carry forward losses to offset future profits"

"It allows them to claim refunds for stock market losses"

"It provides proof of investment in the stock market"

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According to the text, what is a key advantage of long-term capital gains over short-term capital gains?

They are always exempt from taxation

They offer higher potential returns

They are subject to lower tax rates

They are easier to calculate