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

[PRANATHP]

Dear diosys
I am active trader in derivatives in past 3 years.For past 2 years i am in losses upto 3 lacs and in this year i got net profit
of 7 lacs and my only source of income is trading in stockmarkets.I didnt my tax returns in last 2 years as am in losses.i want
to file tax returns for this financial year.i just want to know whether i can show my past losses and what is the rate of tax
on my income this year.please kindly clarify.i trade through icicidirect .com.

 

[diosys]

Dear diosys
I am active trader in derivatives in past 3 years.For past 2 years i am in losses upto 3 lacs and in this year i got net profit
of 7 lacs and my only source of income is trading in stockmarkets.I didnt my tax returns in last 2 years as am in losses.i want
to file tax returns for this financial year.i just want to know whether i can show my past losses and what is the rate of tax
on my income this year.please kindly clarify.i trade through icicidirect .com.

Unfortunately since you did not file your ITR for the previous year hence that loss would not be allowed to be carried forward.

assuming you income is only Rs. 7 lacs (after eligible deductions) your tax slab would be @ 20% for the FY 2010-11.

 

[venkyniceguy]

2008-2009

Equity Short Term Gain : 20000

Equity Long Term Gain : -12000

Derivatives : 24000

MF Short Term Gain : -13000

MF Long Term Gain : 14000


2009-2010

Equity Short Term Gain : -20000

Equity Long Term Gain : -12000

Derivatives : 400000

MF Short Term Gain : -13000

MF Long Term Gain : -14000

2010-2011

Equity Short Term Gain : 20000

Equity Long Term Gain : -12000

Derivatives : -800000

MF Short Term Gain : -13000

MF Long Term Gain : 14000


I am not declared last two years gains for tax exemption. Can i cliam now last 2 years gains? How can get benefit from above

specified data?

 

[goodstocks]

Sir, I have received my refund order wherein my bank a/c no. is also mentioned.In the mean time the said a/c has been inadvertently closed by me before receiving that refund order.I now wish to get my a/c no. changed in the refund order. To whom shall i send for mentioning a new a/c no. on the refund order?

 

[how2trade]

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....

I have recently changed my job in Dec, 2010. I have sumitted my investment proof in the previous company and income tax was deducted there accordingly. Now in my current company they are asking me to deposite Form 12B along with Full n Final settlement from my previous company but i am unable to do it as my previous company takes 2 months to give the details and till that time my current employer is not accepting the details. I have following queries:

- Will i get two form 16
- How to show the salary credited from previous and current company together in a IT acknowledgment sheet
- How to pay appropriate income tax

Any help is appriciated.

 

[rookitrader]

Dear Diosys,
I would like to know from you the legal implications of trading in forex (USD-EURO) through brokers who are not based in India.I know it is legal to trade USD-INR but for non INR currencies lot is said.Some say RBI doesnt allow while some say it is ok.Your expertise on tax matters should through proper light on the subject.Also is it allowed to trade on options on USD-EUR rather than trading the forex itself(will that negate legality if any?) that too from broker like Interactive Brokers who have branches in India?
Thanks a lot in advance.

 

[raghavv]

Dear Diosys,
My father wants to gift a certain quantity of shares to me. The shares will be transferred to my demat account by off-market transaction. Is a gift deed required to be made for income tax purpose or will a simple gift letter from my father be sufficient? Does the value of the gift determine whether a gift deed or a gift letter is required? Please answer.

 

[alan1111]

Hey,

I am a salaried individual. If I e-file my tax return myself, how long does it typically take for refund to come. I will provide my bank account details for refund.

Thanks

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....

 

[uncleji]

I want to know for FY 2010-2011 march 2011 salary which is credited in a/c in 01-apr-2011, will be consider as 2010-11 salary or next financial yr income in terms of income tax calculation . also if payroll cycle is 21-20 of each month and salary credited to each month on 1st, then march month salary will be treated of which FY salary for income tax calculation.

 

[sonalarora]

Hi Diosys,

I had purchased Shares in FY 2008-2009 as mentioned below:

Buy Date 30th Mar 2009
Buy Price Rs. 106.7
Quantity 200
Total Purchase Value (Rs.) 21340

Sell Date 15th Apr 2009
Price 122
Quantity 200
Total Sell Value (Rs.) 24400

I bought shares in FY 2008-09 but sold them in FY 2009-10 (after 17 days of the cash/delivery transaction). I had a profit of Rs. 3060 which was realized in next financial year. Due to my other stock market transactions overall for FY 09-10 I had a loss, which I am aware that I would not be able to set off and carry forward since I am filing the return after 31st July 2010. I would still like to declare the transactions from a accounting perspective.


I am in the process of filing ITR 2 tax return for FY 2009-10, please advise as to how would I compute the Short Term Capital Gain/Loss and appropriate in the return. Would I compute the price of share on 31st Mar 2010(Closing Price) and appropriate the profit or anything else.


Thanks, Sonal