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

[diosys]

Presumptive taxation scheme covers all business which are under 40 Lacs turnover(please be mindful that 60L limit would apply from FY 2010-11 and not 2009-10).....

However there is one small catch in this....

If suppose from share trading your turnover is 35 lacs but the actual income earned is about 10Lacs then you cannot say that my deemed income would be only 8% of 35 Lacs...There are few case laws which suggest that this taxation clause applies to people who are below the 8% (or very nearby) to it and not to those who are quite far from it....Hiding you actual income (if too far from 8%) can lead to concealment provisions being attracted which bear a heavy penalty.

 

[magnet]

It is not taxable even if it is withdrawn the next year...it is such that insurance products themselves do have a minimum lock in which prohibits early withdrawal....

But this links suggest its taxable
I am having the same plan

http://taxworry.com/how-to-compute-tax-liability-on-surrender-of-hdfc-unit-linked-insurance-plan/

Also another chap suggest me same quoting some reference

Direct taxes Law & practice by Dr Girish Ahuja and Dr Ravi Gupta Pg 547 of 2009-2010 edition.
Point 11.3 Quote ” If the assessee or his nominee receives any amount standing to the credit of the assesse in respect of which deduction under section 80CCC has been allowed to him :
1 on account of surrender of the annuity plan, whether in whole or part in any previous year
2 Any pension from the annuity plan
such amount shall be included in the total income of the assessee or his nominee in the year of receipt.
Section 10(10A)(ii) states that where employee receives gratuity also, the commuted value of 1/3 of the pension is exempt from tax.
Where employee dos not receive gratuity, commuted value of 1/2 the pension is exempt from tax.

I am pretty confused related to same thats the reason from past 2-3 years i am continuing the same policy...I think i can invest the money in better MF compare to this

On income tax site it suggest ULIP surrender after 5 years doesn't led to withdrawal of previous rebates...But the chap and the above link suggest the plan to be a complete different product and i need to pay tax on the earlier premium paid plus the capital gains

Also I think now its taxable seeing this article too

http://taxworry.com/why-is-pension-fund-investment-not-a-great-tax-saving-move/

 

[diosys]

But this links suggest its taxable
I am having the same plan

http://taxworry.com/how-to-compute-tax-liability-on-surrender-of-hdfc-unit-linked-insurance-plan/

Also another chap suggest me same quoting some reference



I am pretty confused related to same thats the reason from past 2-3 years i am continuing the same policy...I think i can invest the money in better MF compare to this

On income tax site it suggest ULIP surrender after 5 years doesn't led to withdrawal of previous rebates...But the chap and the above link suggest the plan to be a complete different product and i need to pay tax on the earlier premium paid plus the capital gains

Also I think now its taxable seeing this article too

http://taxworry.com/why-is-pension-fund-investment-not-a-great-tax-saving-move/

80CCC is a specific section for pension plan...The ULIP which you are stating relates to deduction U/s 80C and not 80CCC...

 

[magnet]

80CCC is a specific section for pension plan...The ULIP which you are stating relates to deduction U/s 80C and not 80CCC...

Even mine policy mentions it gives tax benefit under 80ccc...

So mine will be taxed right?

 

[diosys]

Even mine policy mentions it gives tax benefit under 80ccc...

So mine will be taxed right?

yes it will be taxed

 

[dishant4u]

sir if one takes trade in nifty futures, usually the turnover gets high, could you through somelight on tax return/audit criteria.

sir if their is net loss, will the criteria for tax return/audit change

regards

 

[diosys]

sir if one takes trade in nifty futures, usually the turnover gets high, could you through somelight on tax return/audit criteria.

sir if their is net loss, will the criteria for tax return/audit change

regards

Please refer to earlier posts regarding the turnover calculation thing. Already explained the same many times....

In a loss case it would be fruitful if the return is filed within the alloted time i.e. 31st July for non audit and 30th Sep for audit case since then only this loss would be allowed to be carried forwarded

 

[dishant4u]

sir thankssssssssss alot

sir you are really helping people, thanks for helping all the members of traderji.

please if you could give a one line description of criteria for cash market transactions, i could not clearly understood it,
and please for options also.

or if you have the links that would also be of immense help


regards

 

[diosys]

sir thankssssssssss alot

sir you are really helping people, thanks for helping all the members of traderji.

please if you could give a one line description of criteria for cash market transactions, i could not clearly understood it,
and please for options also.

or if you have the links that would also be of immense help


regards

I am sorry....what "criteria" are you talking about ??

 

[dishant4u]

sir about the turnover criteria for cash stock trading and options trading.




regards