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

[diosys]

diosys sir, i'm a very high volume f&o trader...if my total buy value in a year is 1 crore and sell value is 1.4 crore...and my stt is 30 lacs(which can be deducted as expense)and nse charges,service tax on brokerage is 10 lacs...wat's my taxable income???

it would be nil if your positions are all squared....

 

[nac]

I have not used their services but maybe try checking out "taxspanner DOT com". They claim to do online accounting and efile ITR 4 for F&O traders for just Rs 749.

Maybe someone who has used it can kindly respond with some feedback about their level of service.

VK

Yeah they are assisting in filing ITR. Not maintaining books of accounts.

 

[magnet]

Diosys sir....

I have a ulip pension plan policy for which from past 5 years i have claimed deductions under 80c for 10k amount in income tax

I was continuing the policy thinking all my previous deduction will be withdrawal if i surrender the policy...Hence i also made 6th installment recently and will claim deduction for it

Now i came to know if i surrender the policy now...all my money is safe from being added as income

Is it true after 5 years ULIP amount are taxed free if account is closed and no previous deduction will be canceled?

 

[toingpoing]

I give my shares on lending and earn income from it.Any idea hoe it would be taxed?Thanks in advance....

 

[TFL]

Can you brief the below statement ?

Businesses with annual revenue of less than Rs 60 lakh can now just pay tax assuming an income of 8 per cent of turnover, without even having to maintain books of accounts.

TFL.

 

[magnet]

Can you brief the below statement ?

Businesses with annual revenue of less than Rs 60 lakh can now just pay tax assuming an income of 8 per cent of turnover, without even having to maintain books of accounts.

TFL.

Business whose turnover is below 60 lakhs can apply 8% as income i.e 4 lakh 80 as your income u earned and u need to pay tax on it.i.e.4 lakh 80000 (provided no investment in 80c figures done)..(though i am not clear if u invest 1 lakh in 80 c instrument that will be deducted from your turnover of say 60 lakh to 59 lakh or income of 480000 to 380000)

If your profit margin practically is less than 8% say 6%...Than u do need to maintain books even though if its below 60 lakh turnover...

Also the audit limit is now 60 lakhs from earlier 40 lakhs

 

[TFL]

Business whose turnover is below 60 lakhs can apply 8% as income i.e 4 lakh 80 as your income u earned and u need to pay tax on it.i.e.4 lakh 80000 (provided no investment in 80c figures done)..(though i am not clear if u invest 1 lakh in 80 c instrument that will be deducted from your turnover of say 60 lakh to 59 lakh or income of 480000 to 380000)

If your profit margin practically is less than 8% say 6%...Than u do need to maintain books even though if its below 60 lakh turnover...

Also the audit limit is now 60 lakhs from earlier 40 lakhs

But then why one need to maintain books if its below 8%?

 

[magnet]

But then why one need to maintain books if its below 8%?

Because many prove government they earn less .Like someone would say they have turnover of say 60 lakhs and have income of just 1 lakh 60000 and avoid paying tax.....

Whereas in reality might have the 8% really as their earning

So inorder to prove u have less margins u need to maintain books or better is to directly use the presumptive rule of 8%(I guess this rule is good for people who earn more than 8% literally)

Note::I am a businessmen ,So i am sharing a limited knowledge which i have....

Also wait for diosys sir reply too

 

[diosys]

Diosys sir....

I have a ulip pension plan policy for which from past 5 years i have claimed deductions under 80c for 10k amount in income tax

I was continuing the policy thinking all my previous deduction will be withdrawal if i surrender the policy...Hence i also made 6th installment recently and will claim deduction for it

Now i came to know if i surrender the policy now...all my money is safe from being added as income

Is it true after 5 years ULIP amount are taxed free if account is closed and no previous deduction will be canceled?

It is not taxable even if it is withdrawn the next year...it is such that insurance products themselves do have a minimum lock in which prohibits early withdrawal....

 

[diosys]

I give my shares on lending and earn income from it.Any idea hoe it would be taxed?Thanks in advance....

It would be income from other sources taxed according to your tax slab.