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

[diosys]

Re: I Need clarification reg IT Return Filling

Hi,

I have tacken PAN in 2007, i want to file it return for past 4 year , what i do ( i am a employee now i drawing salary 3 lakh pa) , kindly help me , i have applied for home loan , what is ELSS Savings Scheme

thanks & regards
Shankar Lal.R
Trichy

You can file for FY 2008-09 and not beyond that....though a letter which if submitted to the tax authorities that you are willing to submit your ITR but cannot would save you a lot from penal consequences.

ELSS are equity linked savings scheme i.e. those funds who are eligible for tax deduction of maximum Rs. 1 Lacs.

 

[diosys]

last date for filing return plz.

31st July if unaudited and 30th Sep if audited

 

[drsambu123]

I was in abroad(Malaysia) from 2007 August to 2009 August. From Sept 2009 I am working in india. I have not filed my IT returns for last 2 financial years. This financial year I am going to file. Whether I should show the foreign income? Is there any fine for not filing the returns...

 

[vinay_talks]

Hi,

I had a question on tax implications of Personal Loan, Hope you guys will be able to answer it.

My question is if someone who currently has no know source of income takes a friendly personal loan (from a friend whom he can replay at any point of time without any interest), how does this personal loan reflect, does he need to pay tax for this personal loan? the amount here is almost 3-4 lakhs.

Would appreciate your valuable answers

 

[magnet]

@ Billgates I am not a CA (or related to the field at all)but its always better to create the mess because u never know when they can ask for some particular detail

Because its obviou after this year of filing ull forget about the stuff but within next year assessment of your return will be done..
Ull be busy with present mess of trying to be in profit and suddenly u receive a letter of scrutiny and u yourself wont have any idea about that particular entry since u might have deal in same script again and again ....And what your CA will be able to do when u yourself cant explain the details...Than some background settlement

Though it may or may not be forwarded its always better to create the gist of every transaction in your account after which your PL statement would be made....I m saying this because i am myself have to make accounts book for my business though i can easily use the presumptive method of taxation

Also check this thread

http://www.traderji.com/taxation-ma...-stocks-f-o-thread-settling-these-issues.html

 

[INDU1]

Dear Sir,

My Father in Law wants to create individual trusts, for all his grand children, in his lifetime.They would like to transfer shares and funds to these trusts ,with the provision that the trustees can withdraw some amount for childs education etc.after children attain 18 years of age and all balance amount in trust would go to the child once he attains 30 years of age. Both my In Laws are tax payers.Me and my husband are also tax payers.

Now I want to ask the following:

1.Can such trust be made and who can contribute to it.Can we also contribute to it.
2.What would be taxation on the trust.
3.Will its income be clubbed with our income as in case of Minors.
4.When my inlaws transfer to trust ,will the transfer be taxed in gift tax.
5.Since we are sure that we do not need this money till children become major,is it advisable to adopt this route or is there any other way to go about it.

Your advise will be of great help.

Regards
Indu

 

[vinay_talks]

Hi,

I had a question on tax implications of Personal Loan, Hope you guys will be able to answer it.

My question is if someone who currently has no know source of income takes a friendly personal loan (from a friend whom he can replay at any point of time without any interest), how does this personal loan reflect, does he need to pay tax for this personal loan? the amount here is almost 3-4 lakhs.

Would appreciate your valuable answers

Please can some expert answer this query or mine??

 

[smartboy1jan1982]

I was wondering about certain expenses, like generators for power back up and multiple Internet connections, as tax deductions applicable for a full time derivatives trader like me. I am planning to buy a generator and/or a large Inverter in coming months, as power cuts are a norm in my city. It is going to cost me about 3 lakhs. How much can I get it deducted from applicable Income tax per year? full 3 lakhs in the financial year or I could claim only certain amount as depreciation per year? what about fuel consumption per hour? Any guidelines for paperwork needed to get it as income tax deduction?

 

[diosys]

Hi,

I had a question on tax implications of Personal Loan, Hope you guys will be able to answer it.

My question is if someone who currently has no know source of income takes a friendly personal loan (from a friend whom he can replay at any point of time without any interest), how does this personal loan reflect, does he need to pay tax for this personal loan? the amount here is almost 3-4 lakhs.

Would appreciate your valuable answers

Loan is not income hence no tax is leviable.

 

[diosys]

hi,
tax guru ..i have a doubt pls solve it.

I have 2-3 banks acoounts of which one i hv kept for trading only..
Now i have calculated all the gains and losses in options futures and equities for this year..

Now my CA is my uncle only and he has asked me to draw balance sheet of all.So i am not getting how do u bifurcate my income as business and personal

so my doubt is i hv got some cash on my other acount that is my personal gain..and the one of trading (options futures and equities ) is business income ..

so what form is applicable for me and how i am gonna bifurcate my incomes as personal and business income or loss becos my options/futures i heared is called business income..pls help me

How i am gonna manage my entities as personal /Business and show in income tax. statement.

I am a single individual ..doin trading no business just trading and this fin year i am gonna file a loss..

One more is my CA told we need to draw P/L statement and balance sheet..so is there need to insert each and every transaction of puts and calls i hv done.....when i hv ready statements from backend stating what is my loss..i dont know is it really necessary to do all that mess....pls clear my doubts


pls help me with this mess.:sos:

Bill, in order to manage such complexeties i would suggest you hire a good accountant and get your books prepared.

You would need to draw up a B/s and P&L which can be done only if you have drawn proper books.

You firstly get an accountant and get your books prepared. Then only anyone would be able to help you out.