Fire your tax related queries and i would get it solved!!!

[diosys]

Dear diosys,
i am presently living and working in K.S.A., i am investing online in Indian market with my local accounts.( saving bank acc., d mat and trading all are as local Indian but not as NRI )
but the money i am using for investing is transferred from my NRI account/K.S.A. to my local bank account.
so...please...tell me what could be my strategy in this situation...is it necessary to submit IT returns or not. till now i didn't submit any returns, i think it is not necessary for me to submit returns as a NRI.

thank you,

you are required to submit the ITR in India since this income has been made in India.

 

[diosys]

Dear Sir,

I used to file returns till last year. Now, I am a retired person and made some losses trading both intra day and delivery based trading. My other income which is mostly from dividends and interests is less than 1.5 lakhs. My trading turnover is abt 1 crore.

I have following querries :

1. Is it necessary for me to file returns? ( As I have no taxable income.)
2. My volume will require tax audit but if I am not reqd to file returns, does it matter?

With regards,

I have suggested to everyone on this forum to always file their tax retruns as it helps a lot in some situations which are not forseeable just now....

In any case, you might require an audit to be done hence in this thread several times it has been taught how to calculate 40 Lacs limit for audit...

If audit is required then return filing should be done (though not compulsory)

 

[magnet]

I dont know whether this question falls here properly but still a part of it is related to tax so asking it here

As we know FDS rate are low ard 7-8% per year

Now company Fds are available like of unitech and cnbc tv 18 which offer 12% return with quarterly payout option with 12% iinterest

Now my doubt

1 (it doesnt fall here but still asking)...Is it recommended to invest in this company Fds(especially the biggies like i mentioned)?

2 Suppose 1 put a lack of rupees in 3 different companies at quarterly payout option....ill be getting 12k interest per year....Now subjecting it to TDS....i might get something ard 10.5k Rs.....Now wanted to ask will this amount be again added to my income and general income tax applied on it?

3:: Suppose i invest such that i get something ard 9k interest from each companies and yearly 27k (3 Lakh total invested) ...now that added into your gross income tax ...now if i m from 20% tax bracket offcourse ill be giving more tax on this money than the tds point number 2...So shouldnt i prefer point number 2...but doubt remains the interest after tds is subjected to furthur income tax or not

edit::Just found out company fds attract tds on 5k rupees not 10k as bank.....

 

[ssuji]

Hai sir,

I am a NRI and i am trading on equity with sharekhan and my bank is Axis.

They are deducting more than 15% as tax. Since my yearly profit is less than 160000, can i claim to redeem that money.

 

[yashodhan]

I have suggested to everyone on this forum to always file their tax retruns as it helps a lot in some situations which are not forseeable just now....

In any case, you might require an audit to be done hence in this thread several times it has been taught how to calculate 40 Lacs limit for audit...

If audit is required then return filing should be done (though not compulsory)

Dear Diosys,

Thanks for a prompt reply.

I will search thru the site for rules for computing the tuenover. If you can oblige by posting a link, I will appreciate that.

But Boss, this is a fantastic service you are doing for this fraternity. Many congrats and thnaks!

 

[vssoma]

thank you for your answre diosys,
can you please, explain me about ITR, little bit ...means........is it taxable or not if so what is the limit.( sorry....,may be i am asking more...)
tnx,

you are required to submit the ITR in India since this income has been made in India.

 

[diosys]

I dont know whether this question falls here properly but still a part of it is related to tax so asking it here

As we know FDS rate are low ard 7-8% per year

Now company Fds are available like of unitech and cnbc tv 18 which offer 12% return with quarterly payout option with 12% iinterest

Now my doubt

1 (it doesnt fall here but still asking)...Is it recommended to invest in this company Fds(especially the biggies like i mentioned)?

2 Suppose 1 put a lack of rupees in 3 different companies at quarterly payout option....ill be getting 12k interest per year....Now subjecting it to TDS....i might get something ard 10.5k Rs.....Now wanted to ask will this amount be again added to my income and general income tax applied on it?

3:: Suppose i invest such that i get something ard 9k interest from each companies and yearly 27k (3 Lakh total invested) ...now that added into your gross income tax ...now if i m from 20% tax bracket offcourse ill be giving more tax on this money than the tds point number 2...So shouldnt i prefer point number 2...but doubt remains the interest after tds is subjected to furthur income tax or not

edit::Just found out company fds attract tds on 5k rupees not 10k as bank.....

Dear,

The whole point that these companies are asking the public for FD and paying such huge Interest means that the banks are not comfortable to lend to them because of their poor credentials and performance....

Yes, the income which is earned from these (interest) would be added agian to your taxable income...but that would not have any impact on the overall tax outgo since the TDS would be allowed as tax paid.

 

[diosys]

Hai sir,

I am a NRI and i am trading on equity with sharekhan and my bank is Axis.

They are deducting more than 15% as tax. Since my yearly profit is less than 160000, can i claim to redeem that money.

for that you would need to file your ITR in India

 

[diosys]

Dear Diosys,

Thanks for a prompt reply.

I will search thru the site for rules for computing the tuenover. If you can oblige by posting a link, I will appreciate that.

But Boss, this is a fantastic service you are doing for this fraternity. Many congrats and thnaks!

in my signature there is a link for tax recknoer....refer that

 

[diosys]

thank you for your answre diosys,
can you please, explain me about ITR, little bit ...means........is it taxable or not if so what is the limit.( sorry....,may be i am asking more...)
tnx,

ITR means Income Tax Return... it is through which one declares their income for the year gone by