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

[diosys]

Can i treat the F&O loss as short term capital loss and file itr 2 as i'am not going to trade in shares or F&O in future

Nope you cannot....F&O has to be treated as business income...

 

[rkgoyal_98]

hi,

can short gains be treated as business income if total income is less than taxable limt.

rajeev

 

[diosys]

hi,

can short gains be treated as business income if total income is less than taxable limt.

rajeev

What effect would that have....if your capital gain is less than basic exemption limit then also there would be no tax on it....

 

[qa_y2k]

hi,
i have a question.Recently i made a payment for my credit card and i was actually taxed for making the payment,here is the transaction details:
--------------------------------
21/07/2008 CREDIT CARD PAYMENT 4500.00 Cr
21/07/2008 EDU CESS - SERV CHG 0.18 Dr
21/07/2008 SERVICE TAX - SERV CHG 6.00 Dr
21/07/2008 BR CASH DEP- PROC FEE 50.00 Dr
--------------------------------
My question is does the government requires banks to tax payments or is this some kind of scam.
Sincerely hoping for a reply,thank you.

 

[vinay8483]

Hi,

I am a salaried person;also I do intraday trading.I have some shares in my Demat and some i sold in intraday without delivery on which i earned profit.
While filing incometax which form sould I use?
Also how to treat the intraday profit/loss and profit loss from selling the shares delivered.
Please guide

 

[diosys]

hi,
i have a question.Recently i made a payment for my credit card and i was actually taxed for making the payment,here is the transaction details:
--------------------------------
21/07/2008 CREDIT CARD PAYMENT 4500.00 Cr
21/07/2008 EDU CESS - SERV CHG 0.18 Dr
21/07/2008 SERVICE TAX - SERV CHG 6.00 Dr
21/07/2008 BR CASH DEP- PROC FEE 50.00 Dr
--------------------------------
My question is does the government requires banks to tax payments or is this some kind of scam.
Sincerely hoping for a reply,thank you.

Did you deposit cash for your credit card payment ???? Is it ICICI credit card ??? Actually it is correct if both my questions are in affirmative...

 

[diosys]

Hi,

I am a salaried person;also I do intraday trading.I have some shares in my Demat and some i sold in intraday without delivery on which i earned profit.
While filing incometax which form sould I use?
Also how to treat the intraday profit/loss and profit loss from selling the shares delivered.
Please guide

Please use ITR-4...

Secondly intra day trading is business income and loss and not capital gains....

 

[vinay8483]

Thanks for the reply..

BUt if i have mixture of both short term and intraday income then how to calculate tax.please give an example to emphasize.thanks in advance

 

[vinay8483]

hi

ITR4 appears very complex and for business people.
I get regular monthly salary and do intrday share trading.I used to submit ITR-2 form but now because of share income cant I use same ITR2.
Or can i use ITR2 for salary and ITR4 for hsare,please illutsrate

 

[diosys]

hi

ITR4 appears very complex and for business people.
I get regular monthly salary and do intrday share trading.I used to submit ITR-2 form but now because of share income cant I use same ITR2.
Or can i use ITR2 for salary and ITR4 for hsare,please illutsrate

Since you have both capital gain income (short term) and business income (intraday) alongwith Salary hence ITR 4 would be required....

ITR 2 would not suffice....

If you are unable to calculate then hire a professional in your area....it would not be possible for me to guide you step by step on this forum...