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

[27.anurag]

Hi all,

I am a salaried person and my main income is through salary but have traded in future segment and made some losses. What would be the nature of business code for retail traders like us??

Anurag

 

[TFL]

Dear Diosys,

This time I'm with a software. See the below linked page for the software details.
http://www.buyoriginalms.com/microsoft-office-2007-home-student-edition.aspx
My question is, can I consider this expense as business(Sole proprietary) expense?

Please check the software license before replying.

Thank you,
TFL.

 

[diosys]

Hi all,

I am a salaried person and my main income is through salary but have traded in future segment and made some losses. What would be the nature of business code for retail traders like us??

Anurag

file in as 0202

 

[diosys]

Dear Diosys,

This time I'm with a software. See the below linked page for the software details.
http://www.buyoriginalms.com/microsoft-office-2007-home-student-edition.aspx
My question is, can I consider this expense as business(Sole proprietary) expense?

Please check the software license before replying.

Thank you,
TFL.

Yes it can be claimed BUT thorugh the route of depriciation only...Softwares have been prescribed to depriciate by 60% a year hence...if you buy it for 10000 debit your P&L with 6000 rest would remain as an asset and accordindly 60% of balance every year

 

[TFL]

Yes it can be claimed BUT thorugh the route of depriciation only...Softwares have been prescribed to depriciate by 60% a year hence...if you buy it for 10000 debit your P&L with 6000 rest would remain as an asset and accordindly 60% of balance every year

This license is for home use only. Microsoft Office Home and Student Edition 2007 is the essential software suite for home computer users that enables you to quickly and easily create great-looking documents, spreadsheets, and presentations, and organize your notes and information in one place, making it easier and more enjoyable for you to get things done. The latest version of Microsoft Office Home and Student Edition 2007 features a new streamlined user interface that exposes commonly used commands, enhanced graphics, and formatting capabilities that enable you to create high-quality documents, plus a powerful note and information organization tool, and more reliability and security with the Document Inspector tool and improved automatic document recovery

Thank you for your reply,
See the highlighted thing will it be a problem for accounting for depreciation ?

TFL.

 

[diosys]

Thank you for your reply,
See the highlighted thing will it be a problem for accounting for depreciation ?

TFL.

does not matter....

 

[27.anurag]

file in as 0202

Thanks for the reply. Would really appreciate if you could clear my following doubts:

a) shouldnt the code be 0204 or is it 0202 only ?

b) In ITR 4, Part A-P&L, No a/c case (Column 51a), what should be the gross receipts, is it the total buy and sell amount or the turnover as calculated by adding profit and loss without netting off ?

Anurag

 

[jpankaj]

Hi,

I am having a PMS account. I have not withdrawn any amount from it. I have got a statement from the PMS. It mentions about the Short term capital loss. Can I show same in my IT returns? Or how is the tax treatement for the PMS. Is it similar to MF? That i suffer gain/loss only when i withdraw the amount from it.

Thanks in advance.

 

[diosys]

Thanks for the reply. Would really appreciate if you could clear my following doubts:

a) shouldnt the code be 0204 or is it 0202 only ?

b) In ITR 4, Part A-P&L, No a/c case (Column 51a), what should be the gross receipts, is it the total buy and sell amount or the turnover as calculated by adding profit and loss without netting off ?

Anurag

i would prefer 0202 otherwise you can opt for 0204 also....

Gross reciept would mean your gross sale amount....

 

[diosys]

Hi,

I am having a PMS account. I have not withdrawn any amount from it. I have got a statement from the PMS. It mentions about the Short term capital loss. Can I show same in my IT returns? Or how is the tax treatement for the PMS. Is it similar to MF? That i suffer gain/loss only when i withdraw the amount from it.

Thanks in advance.

No, the yearly loss or gain needs to be mentioned in your ITR....your withdrawing or not is not important....The taxation would be similar as in the case of normal shares...

Obtain the list of transactions from your PMS manager and accrdingly file your ITR for the year claiming this year as a loss...