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

[diosys]

hello sir ,
I have joined this forum just now.I m an Employeein a reputed firm.I m just a trainee now.But i wanna know how the tax is calculated,how it affects our investment and how should we reduce it if is possible.
Do reply whenever u r free.
thank you.

Dear,

The answer to your question begins with a question.....

What is the amount of Income earned ??? what is the breakup of the said income ???

Solely a lone answer to your question cannot be given

There are various means but only upon the detailed breakup of one's income can the answer be given

 

[manishag]

dear diosys,
i have gone through the complete thread. i have recently started intraday trading. i am doing trading in equity. i am confused about the turnover everywhere you have mentioned that for F&O turnover is absolute sum of profit and loss. but what about the trading in the equities. per day i am doing sale of 2 lakhs and purchase of 2 lakhs and making upto 1.5k. will the turnover be caculated on sales value or it's calculated like F&O

 

[harvard.aspirant]

Friends,
I have a Query, I have a Savings accounts with ICICI. The thing is, I have a friend and he generally gets some money from US through my account. In the last 4 months he did around 4-5 lakhs transactions through my account. is that going to create a problem, shall i have to pay anything towards income tax.
please help me guys....

Regards
Raghu

 

[diosys]

dear diosys,
i have gone through the complete thread. i have recently started intraday trading. i am doing trading in equity. i am confused about the turnover everywhere you have mentioned that for F&O turnover is absolute sum of profit and loss. but what about the trading in the equities. per day i am doing sale of 2 lakhs and purchase of 2 lakhs and making upto 1.5k. will the turnover be caculated on sales value or it's calculated like F&O

Dear Manish,

It would be calculated in the same way as it is calculated for F&O.....there would be no change....

 

[diosys]

Friends,
I have a Query, I have a Savings accounts with ICICI. The thing is, I have a friend and he generally gets some money from US through my account. In the last 4 months he did around 4-5 lakhs transactions through my account. is that going to create a problem, shall i have to pay anything towards income tax.
please help me guys....

Regards
Raghu

Sure Raghu, it might be a pretty nasty problem....Such transactions should be in all possible extents be not allowed to happen....One or two transactions are ok but that too with small quantum....Not with such sum of money...

Please refrain from such a transaction in future...

Moreover apart from Income tax, with the introduction of Money Laundering act, if this money is in any case tinted in nature...then i am afraid not only the IT department but the CBI and Police would also be after you....

 

[manishag]

Dear Manish,

It would be calculated in the same way as it is calculated for F&O.....there would be no change....

thanks for the clarification
also i have one more query.
i am filing my ITR online using the class-2 digital signature. i have read few days before that if i file the ITR online then my accounts need not to be audited. is it true even if i cross the limit of 40 lakhs.
also my current CTC is 10 lakhs so if my turnover from trading is 34 lakhs and i total income will cross limit of 40 lakhs 34+10 lakhs so do i need the account auditing.

 

[diosys]

thanks for the clarification
also i have one more query.
i am filing my ITR online using the class-2 digital signature. i have read few days before that if i file the ITR online then my accounts need not to be audited. is it true even if i cross the limit of 40 lakhs.
also my current CTC is 10 lakhs so if my turnover from trading is 34 lakhs and i total income will cross limit of 40 lakhs 34+10 lakhs so do i need the account auditing.

No its wrongly mentioned....there is no such exemption from audit...Only benefir of digitally siging is that a hard copy need not be filed with the department...

2.) Auditing would not be required in the eg mentioned by you....Auditing is only required when the sales exceed 40 lacs...Salary is not sales hence not to be added...ONLY sales to be aggregated...

 

[manishag]

No its wrongly mentioned....there is no such exemption from audit...Only benefir of digitally siging is that a hard copy need not be filed with the department...

2.) Auditing would not be required in the eg mentioned by you....Auditing is only required when the sales exceed 40 lacs...Salary is not sales hence not to be added...ONLY sales to be aggregated...

thanks for the clarification

 

[coolboy007]

The STCG tax is 15% , am i correct??

Is the profit from derivatives F&O taxable because in my brokers portfolio it shows my taxable profit earned from equities only , doesnt show F&O profit in STCG.

 

[diosys]

The STCG tax is 15% , am i correct??

Is the profit from derivatives F&O taxable because in my brokers portfolio it shows my taxable profit earned from equities only , doesnt show F&O profit in STCG.

Nope Dear.....STCG is 10% or 20% not 15%.....

Profit from F&O is taxable as Business income and not STCG....hence claim expenses against such expenses...

For a detailed guide of F&O try going through the entire thread....might help you.