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

[TFL]

If I get money gift from my close relative(Spouse/Father/Mother/Brother/Sister) from their oversears Bank Account to my
(a) Overseas
(b) Paypal India
and if I earn income(business income) from that amount then, I transfers theamount ot my indian bank account how it will be treated(Capital and income) in terms of tax?

 

[nac]

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

I answer your query. If there is any error/mistake diosys will give you the right answer. He has answered this plenty of times.

Turnover calculation - CM
Intra-day:
Add your profit and loss (Cumulative) to find Turnover.
For eg: If your profit is Rs. 1000/- and your loss is Rs. 800/-
Turnover = 1000+800 = 1800/- not 1000-800 = 200/-

Delivery:
Sale value is your turnover.

Turnover calculation - DM
Futures:
Same as you calculate turnover for Intra-day (CM).

Options:
Turnover is your sale premium.

I hope you would get it.

 

[dishant4u]

thanks alot sir

 

[diosys]

If I get money gift from my close relative(Spouse/Father/Mother/Brother/Sister) from their oversears Bank Account to my
(a) Overseas
(b) Paypal India
and if I earn income(business income) from that amount then, I transfers theamount ot my indian bank account how it will be treated(Capital and income) in terms of tax?

Gift would be exempt....

Income generated would be taxable whether brought into India or not....

 

[veru]

Stt certificate purpose

What is the purpose of STT certificate received by email from my broker ? Is it required to reduce my taxable income ?

 

[diosys]

Re: Stt certificate purpose

What is the purpose of STT certificate received by email from my broker ? Is it required to reduce my taxable income ?

Yes. if you are filing your income as business income....If capital gains then it is of no use...

 

[TFL]

Dear diosys,

I'm with another query today.

If I'm leasing an office space for business(Proprietary) by paying a refundable non-interest paying deposit along with monthly rent,

(a) how I can treat it(Refundable deposit) while filling ITR4?

(b) do I need to collect any receipt/voucher from the other party for re-fundable deposit, or the lease agreement itself act for the same?

(c) Whether a monthly rent reciept which I(printed in a plain paper like this form) get signed from the other party will act as proper proof of expenses for deduction?

(d) For doing some interior furnishing I opted for some local men how I can make a proof of expenses for deduction for the amount given to them.

(e) Any revenue stamp to be pasted on these receipt?

(f) Any TDS need to be deducted over the rent given to?

(g) Any issues if I pay the deposit by cash than cheque?

(h) Any issues if I pay the rent by cash than cheque?

Thank you.

 

[diosys]

Dear diosys,

I'm with another query today.

If I'm leasing an office space for business(Proprietary) by paying a refundable non-interest paying deposit along with monthly rent,

(a) how I can treat it(Refundable deposit) while filling ITR4?

(b) do I need to collect any receipt/voucher from the other party for re-fundable deposit, or the lease agreement itself act for the same?

(c) Whether a monthly rent reciept which I(printed in a plain paper like this form) get signed from the other party will act as proper proof of expenses for deduction?

(d) For doing some interior furnishing I opted for some local men how I can make a proof of expenses for deduction for the amount given to them.

Thank you.

1.) It would form part of your balance sheet under deposits.

2.) No it would not be required as mere statement in the agreement coupled with the fact that it would be paid vide an account payee cheque would be sufficient proof.

3.) Yes, that should also suffice. Be sure if the rent is above Rs. 1,20,000 per year then the provisions of TDS would be attracted.

4.) Draw up a detailed excel sheet, take a daily print of the work done, attach the daily items bought bill to it and get it signed by the person working...

 

[TFL]

1.) It would form part of your balance sheet under deposits.

2.) No it would not be required as mere statement in the agreement coupled with the fact that it would be paid vide an account payee cheque would be sufficient proof.

3.) Yes, that should also suffice. Be sure if the rent is above Rs. 1,20,000 per year then the provisions of TDS would be attracted.

4.) Draw up a detailed excel sheet, take a daily print of the work done, attach the daily items bought bill to it and get it signed by the person working...

Thank you for your reply diosys. Kindly see the points (e), (f), (g)and (h) I updated it a bit later.

 

[diosys]

Thank you for your reply diosys. Kindly see the points (e), (f), (g)and (h) I updated it a bit later.

Revenue stamp is required for payments above Rs. 5000...so take a call...though it does not matter much if there is a revenue stamp or not....

TDS i have already mentioned would be required if rent payment is greater than Rs, 120000 in a year.

Payment by cheque is better...if not possible then cash would be acceptable.