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

[rickyric_ny]

Rental Income ...

Sir...I have 2 houses none of them in my name, but i am getting the rent for 2 houses in my bank a/c. wish to know should pay IT???..Kindly help me guruji's

 

[bbboy]

Hi all....

I thought a lot of our traderji members would be having taxing issues...Hence i am launching this thread for people who wish to seek some advice on issues pertaining to Income Tax or Service Tax....

I would try to solve them to the best of my ability and knowledge....

See Ya all....

hi diosys,

I have some basic but I think very important query, I think if all below questions answered then 99.9% problem of stock market related tax calculations etc.. will be solved in one post itself.

If you will answer all these step by step then I am sure that it will be a big help for all traders and investors community.

Delivery Equity Trades:

Q1) Is it Business Speculative Income OR Business Non-speculative ?

Q2) Short term profit: Will it be added to Business Speculative / Non Speculative Income ?

Q3) Short term loss: Will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed to carry forward ?

Q4) Long Term profit: Will it be added Business Speculative / Non Speculative Income ?

Q5) Long Term loss: Will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed to carry forward ?

Q6) What is BTST / STBT ? Is it Delivery Trade OR will be considered as Intraday Cash Market Trade.


Intraday Cash Mkt:

Q7) Is it Business Speculative OR Business Non-speculative ?

Q8) If profit, will it be added Business Speculative / Non Speculative Income ?

Q9) If loss, will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed carry forward ?

Futures Eq:

Q10) Is it Business Speculative OR Business Non-speculative ?

Q11) If profit, will it be added Business Speculative / Non Speculative Income ?

Q12) If loss, will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed carry forward ?


Options Eq:

Q13) Is it Business Speculative OR Business Non-speculative ?

Q14) If profit, will it be added Business Speculative / Non Speculative Income ?

Q15) If loss, will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed carry forward ?


Commodities: Questions as above only.

Pls. reply urgently as only 2 days left for tax filling

Thanks in adavance

 

[qqqqqq12341]

For calculation of TURNOVER:

Delivery Equity: Sale value.

Intraday Cash Equity: Total of absolute value of Profit & Loss.

Futures: Total of absolute value of Profit & Loss.

Options: Buy/Sell OR Sell/Buy: Total of absolute value of Profit & Loss.
Sell & Expired: Premium received.
Buy & Expired: Loss suffered. (This is I am not sure of, comments invited)

For Profit & Loss calculation, comments to bbboy above post would be of great help.

 

[ks_investor]

I incurred a loss of 30k in intraday trading. If I want to carry forward the loss, can I specify this in Schedule OS of ITR2 or should I fill it in ITR4 as Speculative income under Business?

Also, my salary was around 50k and short term capital gains is just 1500. Do I need to pay tax for STCG because my total income is less than the exemption limit? Pls reply

Thanks

 

[manojkch]

Hi Everyone..

I read somewhere in this thread that Tax audit for speculation is total of Profit + Loss figure and if it exceeds Rs.40 Lakh then only tax audit is necessary..

Is it applicable to this year IT return filing? Also can some one quote the respective clause number from IT Rule book / amendments showing the particular provision.

Why I am asking this is because my Tax auditor does not agree to this and he ask me to show the clause if it is so.

Thanks and regards

Manoj

Diosys Sir../ any one.. can someone help me in this ? Thanks

 

[vikaspanwar]

hi diosys,

Need your comment, plz correct.

http://www.traderji.com/taxation-matters/43290-specimen-copy-filled-itr-4-form-p-l-st-id-fo.html

Thanks
Vikas

 

[symantec]

Yes he should get the tax refund in India....

I would not be of much help since he would have to claim the refund in the city in which he is assessed in India.

Thanks, but you dint understand what I meant. where to claim this refund ? under which section theis should be mentioened while filing ITR1 (since everything is salaried income for him)?

 

[iTrade]

Hello Diosys...
Few simple questions.
1. I have losses due to share trading both cash market and futures market. I haven't seen ITR4 form yet, but do I need to mention losses for them separetely or just total them ?
2. Do I need to give detailed every day by day transaction details when filing return for my losses and profits for intraday?
3. I haven't filed my return for my losses yet. I assume I can do it till 31Mar2011 , right?


Thank for your time and the good job you are doing here.

 

[jody]

Ans 1.) only FIFO method is allowed....What ever came in first goes our first is the presummption...Calculate the closing stock value on this basis.
Ans 2.) for the purchased shares there would be actual purchase cost and hence when sold then abnormal loss. For bonus shares the accquisation cost would be nil and when sold then abnormal profit.
Ans 3.) Yes
Ans 4.) Yes to all.
Ans 5.) Yes.

STT incurred on shares is not to be included while calculating cost of purchase of shares- is this not the correct position?

 

[bestnifty]

Sir ,
If I traded with FXCENTRAL or other Forex brokers (EUR/USD) and make some profits
say 3 lakhs what is my tax liablity ? ( what is the percentage and under what heads it becomes taxable ?)Please explain in detail.