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

[alroyraj]

AND yes one person is not allowed to have two demats.

So one person is not allowed to have 2 demats on single name in same broker,whereas an account in name jointly with mother is possible isnt it.
Because shares held in joint name have to be dematted only in the name of all the holders and in the same order. So that should be a valid exception. Please confirm diosys.
Thanks.

 

[fjl24]

Hi Diosys

Hoping this post of mine to find you in the pinkest of health.

As the season for filing returns is soon arriving am seeking your help and guidance on how to go about presenting the details in the income tax return.

PS: I file my own returns and not through a CA.

In Brief:-

1. My main source of income is from Salaries.

Have done good bit of trading so have the following transactions for the financial year 2009-10.

2. Speculative Income/(Losses) - Intraday Trading - will disclose under the speculative section in ITRNO-4

3. Incomes/(Losses) from trading in Futures & Options - will disclose under the Business Income section.

Would be filing ITRNO - 4 for the same and seek your guidance on how to disclose the following in the return of income.

A. What should be mentioned as code for nature of business in Part - A as trading at the moment happens to be not the main source of income and also not having any seperate bank accounts for the same.

B. How to disclose the transaction of buying and selling of futures & options i.e. should i fill Part A - P&L or just Item No 51 - in case when no accounts are maintained.

C. Should the transactions pertaining to F&O be shown at net amounts - i.e. purchase cost less sales cost or gross purchase cost less gross sales cost (i.e. excluding other charges, taxes and brokerage) and the other transaction charges should be shown seperately i.e. STT, Brokerage, Other Taxes etc.

More of a confusion regarding point C above.

I hope i have been able to state my concerns and doubts clearly.

Thanks in advance
Regards
Floyd

 

[diosys]

So one person is not allowed to have 2 demats on single name in same broker,whereas an account in name jointly with mother is possible isnt it.
Because shares held in joint name have to be dematted only in the name of all the holders and in the same order. So that should be a valid exception. Please confirm diosys.
Thanks.

from legal point of view your opinion seems absolutely justifiable. BUT please confirm the exact position with your broker only....

 

[sibumajumdar]

Mr Diosys, I have a peculiar problem regarding IT Refund Order which is quite old. I need your guidance to process the same.......RO dated 26.09.2005 for assesment year 2004-05 for Rs. 3626.00 (payable within 3 months of dt of issue). I had deposited the cheque alongwith the Original ADVICE copy on 18/12/05 with UBI. But they returned the same on 31.12.2005 (by post) stating "advice not received". Once again I deposited alongwith photo copy of the Advice on 5.1.2006. As expected they returned stating "cheque is out of date". After that I approached various people to get the job done but in vain. I could not follow up as I was out of home town. Now please advice me how to proceed as I donot have the ADVICE & the matter is 5 years old. If there is any possibility to get the amount then how to proceed. U can reply at your convinience....Thanks...SLMajumdar.

 

[siva2005]

sir
one of my friend opened demat a/c with sharekhan on feb'2008 and not invested from the a/c opening now he wants to close the a/c but they are demanding to pay three years DP charges around Rs.1000 then only it can be closed.if he didn't pay and leave the a/c what they can do with the a/c,and if there any legal approach will be there in future kindly clarify me.
Thanks in advance,
siva

 

[NiftyFantasy]

Dear Diosys,
I am in option trading from last 2 years. I have not added my f&o profit/loss in my it return yet. but now i want to add it in my return.
I do not want to calculate day-by-day profit or loss. I want to do the following:

suppose my ledger balance with my broker as on 01/04/2010 is 80k.... and on 31/03/2011 it is 120K. In between i have added 50k to my account and withdrawn 60k from my account. It want to calculate my profit as 80+(50-60)=70 total capital empoloyed less closing balance of 120k=50k net profit. Can I show Rs.50k as my income from profession and less 30k (or so) towards expenses.
Can I show my income as shown above without keeping any accounts etc. for this???
Is my formula right??

please suggest...

regards
Abhi

 

[diosys]

Mr Diosys, I have a peculiar problem regarding IT Refund Order which is quite old. I need your guidance to process the same.......RO dated 26.09.2005 for assesment year 2004-05 for Rs. 3626.00 (payable within 3 months of dt of issue). I had deposited the cheque alongwith the Original ADVICE copy on 18/12/05 with UBI. But they returned the same on 31.12.2005 (by post) stating "advice not received". Once again I deposited alongwith photo copy of the Advice on 5.1.2006. As expected they returned stating "cheque is out of date". After that I approached various people to get the job done but in vain. I could not follow up as I was out of home town. Now please advice me how to proceed as I donot have the ADVICE & the matter is 5 years old. If there is any possibility to get the amount then how to proceed. U can reply at your convinience....Thanks...SLMajumdar.

Yes you can. Try hiring some professional in the city of which the refund voucher belongs to....Otherwise you would be running pillar to post for this refund...

And yes do confirm the fees of the professional

 

[diosys]

sir
one of my friend opened demat a/c with sharekhan on feb'2008 and not invested from the a/c opening now he wants to close the a/c but they are demanding to pay three years DP charges around Rs.1000 then only it can be closed.if he didn't pay and leave the a/c what they can do with the a/c,and if there any legal approach will be there in future kindly clarify me.
Thanks in advance,
siva

it depends on the contract which was signed with the broker at the time of opening the account....We dont read such contracts and therein it would have been definately mentioned what charges need to be paid..

I think the best is to pay these charges (if mentioned in the contract) and get it over...no point in delaying this since once the amount would get large then they would issue a legal notice.

 

[diosys]

Dear Diosys,
I am in option trading from last 2 years. I have not added my f&o profit/loss in my it return yet. but now i want to add it in my return.
I do not want to calculate day-by-day profit or loss. I want to do the following:

suppose my ledger balance with my broker as on 01/04/2010 is 80k.... and on 31/03/2011 it is 120K. In between i have added 50k to my account and withdrawn 60k from my account. It want to calculate my profit as 80+(50-60)=70 total capital empoloyed less closing balance of 120k=50k net profit. Can I show Rs.50k as my income from profession and less 30k (or so) towards expenses.
Can I show my income as shown above without keeping any accounts etc. for this???
Is my formula right??

please suggest...

regards
Abhi

NO...

you cannot maintain in this manner. Please refer to the thread (atleast the initial pages).

 

[VJAY]

Have already done the same in the thread....check or search

Dear Anubhav,
If you find the said post pls share here.....I don,t find the said post