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

[diosys]

Suppose i buy share of Company X at 100 rupees........basic price was say 94 but due to taxes and brokerage i pay it becomes 100......now suppose i sell for 103 rupee .......but due to taxes and brokerage the net money i receive is say 96 buk per share.......

So how is my stcg calculated?

a:: 96-94=2 (15% on it)?
or
b:: 103-100=3(15% on it)?

Option A....

 

[Venkatesh1985]

Hi,

can anybody here tel me the tax calculation for intraday trading per scrip

like service tax ,stt,turnover charges,

Regards,
Venkatesh

 

[lazytrader]

It was mentioned one the previous posts.

 

[lazytrader]

Option A....

Diosys, is STT deductable when calculating taxes when filing under CG?

 

[diosys]

Diosys, is STT deductable when calculating taxes when filing under CG?

According to me any expense which has been done for the purpose of earning CG is allowed to be deducted or added to the cost...

Hence it should be allowed and deductible from the cost....but this is only for FY 2008-09 onwards....

 

[prabit]

dear Diosys sir,
I am trading trading (cash).You said this income is speculative. what is the rate for this income for a saleried person?
Regards
prabit

 

[diosys]

dear Diosys sir,
I am trading trading (cash).You said this income is speculative. what is the rate for this income for a saleried person?
Regards
prabit

Dear,

As i have already states numerous time.....


For an individual there is no fixed rate of tax...it depends on you other taxable income...

 

[prestonmyers2]

Dear Diosys,
I have done a lot of daytrading and swing trading in Equities for the past few months, I have crossed a turnover of 40 lakhs this year, I am a salaried person working outside of the country for more than half the year,
Please tell me the following:
1. what is a tax audit!!
2. since I have not been keeping any 'Books' mentioned earlier in this thread how will I be audited?
3. Do I have to start maintaining 'Books' ?
4. do I have to catch up will all my transactions for this year? if I start maintaining the 'Books' mentioned earlier? from today.
5. Last but not least where do I get these books from?, or is
using a software like tally ok to use, do I just maintain all my purchases and sales of shares only or do I have to also add any expenses incured like for internet time etc.
6. How or from where can I learn to maintain these books?
7. Do I have to see a CA before the end of this month to file my ITR as I think I will come under business income tax for the trading I have done?

All the above questions may seem stupid but I am ignorant about these matters and need your help.
Thanks & regards,
Preston

 

[diosys]

Dear Diosys,
I have done a lot of daytrading and swing trading in Equities for the past few months, I have crossed a turnover of 40 lakhs this year, I am a salaried person working outside of the country for more than half the year,
Please tell me the following:
1. what is a tax audit!!
2. since I have not been keeping any 'Books' mentioned earlier in this thread how will I be audited?
3. Do I have to start maintaining 'Books' ?
4. do I have to catch up will all my transactions for this year? if I start maintaining the 'Books' mentioned earlier? from today.
5. Last but not least where do I get these books from?, or is
using a software like tally ok to use, do I just maintain all my purchases and sales of shares only or do I have to also add any expenses incured like for internet time etc.
6. How or from where can I learn to maintain these books?
7. Do I have to see a CA before the end of this month to file my ITR as I think I will come under business income tax for the trading I have done?

All the above questions may seem stupid but I am ignorant about these matters and need your help.
Thanks & regards,
Preston

Please refer to the post mentioned in my signature....most of your queries would be answered there.

 

[lazytrader]

Please refer to the post mentioned in my signature....most of your queries would be answered there.

The 40lakh turnover is calculated as profit+loss for non delivery trades (FNO, Intraday stock trading) only, right? If you take delivery then it is buy value+sell value that need to be taken into account?