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

[nac]

I don't know much about computing taxes. So, I want you refer some book(free online book) or website or something where I can read and learn something before asking you any doubts and clarifications.

I am gonna take trading as my career. For this, what kind of books would help me learn about taxes.

 

[diosys]

Hmmm so according the the article e.g the person had 78 lakh in his account..If he had kept it in FD At 10% his return would had been 6.6% and in order to get 10% the person transferred the amount as gift....In short the 78 lakh is the amount already taxed and held by the person and inorder to get better return he gifted it

Am i correct now ,Sir?

yes...in order to divert the income to be earned on income already earned !!!

but actually this would be benefit able mainly to HNI's

 

[diosys]

Thanks a lot.
I forgot to ask about 80U benefit of Rs 50k for which i am eligible. Is it available for STCG? Section 111A is really confusing for me

So now, will I have to pay tax if Interest Income + STCG - 80C - 80U < Rs 160,000?

your understanding is correct for Interest Income + STCG - 80C - 80U < Rs 160,000

 

[diosys]

I don't know much about computing taxes. So, I want you refer some book(free online book) or website or something where I can read and learn something before asking you any doubts and clarifications.

I am gonna take trading as my career. For this, what kind of books would help me learn about taxes.

I think if you read this thread thoroughly most of your queries would stand solved....

 

[magnet]

yes...in order to divert the income to be earned on income already earned !!!

but actually this would be benefit able mainly to HNI's

Yup earlier my understanding was wrong...

 

[nac]

I am an individual. Trading account is in my name.
Trading is only source of income. (Few hundreds from SB a/c)
I do only day trading.
What could be my tax amount if my income is 1 Lakh in a particular year?
(Upto my understanding, no matter what I should pay tax even if I earn Re. 1/-, if that income is from day trading. Eventhough I am an individual I dont get exempted till 1.6Lakh)

I still insist you to refer something. ^These kind of questions seems to be basic. I should know something before asking. Please...

 

[diosys]

I am an individual. Trading account is in my name.
Trading is only source of income. (Few hundreds from SB a/c)
I do only day trading.
What could be my tax amount if my income is 1 Lakh in a particular year?
(Upto my understanding, no matter what I should pay tax even if I earn Re. 1/-, if that income is from day trading. Eventhough I am an individual I dont get exempted till 1.6Lakh)

I still insist you to refer something. ^These kind of questions seems to be basic. I should know something before asking. Please...

you do get exemption and would not be taxable till 1.6 L

 

[nac]

^ wow good to hear this.

Can I save some amount under standard savings.(like PPF, Insurance, ELSS etc...)
Beyond 1.6L, I pay tax under slab base or 30% because of day trading income.?

B4 asking you anything, I will read something about taxation.

 

[mfrahman]

Hi Diosys,

Till 31st march I will be trading,so I am not sure how much profit/loss can come in the coming days,so when sould I pay the Income Tax on earnings from tradings till 31st march.Hope am clear in my query.

Thanks & Regards,

MFRahman.

 

[diosys]

^ wow good to hear this.

Can I save some amount under standard savings.(like PPF, Insurance, ELSS etc...)
Beyond 1.6L, I pay tax under slab base or 30% because of day trading income.?

B4 asking you anything, I will read something about taxation.

yes you can save,....

and no you do not pay flat 30% on business income it is payable according to your income level....refer to the entire thread for understanding the same.