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

[diosys]

Hi diosys, now stcg is 15% right?

yeah its 15%....sorry for the mistake.

 

[diosys]

Yup stcg for trader...but it depends on income tax officer how he sees the person...if he sees too much day trading..or too much trading in a year in your account than he can charge 30% STCg as he sees u doing trading as business

hope i m correct diosys sir

you are 99% correct except for the fact that the ITO cannot assess at 30% STCG...it would be assessable under the head of Business income...

 

[diosys]

what is the tax to be paid on foreign investment

Please be more specific with regard to your question.

 

[lvgandhi]

Dear Diosys
What is the service tax on brokerage. One broker charges 10.3% and other still 12.36%

 

[magnet]

you are 99% correct except for the fact that the ITO cannot assess at 30% STCG...it would be assessable under the head of Business income...

More clarity??

STCG is different na for investor and trader right?

I meant suppose u (means the asesse cuts 15% STCG)and the ITO think he is a trader than he will send notice to pay at 30% right? As it looks to be business to him
right?

 

[diosys]

Dear Diosys
What is the service tax on brokerage. One broker charges 10.3% and other still 12.36%

For the services rendered post 23rd February, 2009 the rate of service tax is 10.3%. The broker which is charging 12.36% is wrong. 12.36% can only be charged for those services which were rendered before 23rd Feb but billed later.

 

[diosys]

More clarity??

STCG is different na for investor and trader right?

I meant suppose u (means the asesse cuts 15% STCG)and the ITO think he is a trader than he will send notice to pay at 30% right? As it looks to be business to him
right?

Dear,

There cannot be two STCG. There is one STCG and that is only for the Investor and not the trader. A trader cannot fall under STCG and he has to be assessed under the business income only.

your second para is correct. Except the notice by the ITO would be for assessment under business income and not STCG since there is a seperate assessment procedure for STCG.

 

[Sandeep2009]

Hello,
I have a question regarding taxation of capital gains on redemption / switch of debt-oriented mutual fund units. What is the prevalent tax rate on sale / switch of these units in less than 12 months (short term) and more than 12 months (long term).

Thanks in advance.

 

[diosys]

Hello,
I have a question regarding taxation of capital gains on redemption / switch of debt-oriented mutual fund units. What is the prevalent tax rate on sale / switch of these units in less than 12 months (short term) and more than 12 months (long term).

Thanks in advance.

for debt funds there is no concessional rate of taxation. It is the normal of 20% LTCG and 30% STCG.

 

[VJAY]

Dear diosys,
Can you give how we enter funds which wired to uk as LRS scheme(in this scheme we able to transfer max 2lac us$ in an finance year) in our tax returns?if the fund returned to india with some profits then how we enter it inour tax return...Hope am asked the querry properly!