General Trading Chat

[Smart_trade]

I am 100% fno trader so useless for me then

There are ways of reducing taxes legitimately but cannot be shared in such open forum.

But despite all tax saving initiatives we still end up paying large amount as tax...but we must be happy with it.

ST

 

[candle]

There are ways of reducing taxes legitimately but cannot be shared in such open forum.

But despite all tax saving initiatives we still end up paying large amount as tax...but we must be happy with it.

ST

Any link or hint in this respect will be highly appreciated sir.

 

[vikas2131]

This down rally cant go further much if banks are not going to participate in it..

 

[Smart_trade]

Any link or hint in this respect will be highly appreciated sir.

We have to find ways if our profits are more than Rs 4 L because for 2.5 L + 1.5 L 80 C there is no tax on 4 L profits.

Hint is have more tax files in the family,start a HUF, claim more expenses, claim deductions in all the files ......use your imagination.

One very senior professional ( not in trading field and he was in max tax slab )once told me never hide any income as hiding income is a crime. But claim expenses and deductions...so if expenses are disallowed, it is NOT A CRIME..so ITO cannot put any penalty on you , he will at the most disallow some expenses and make you pay some more tax....

Smart_trade

 

[vikas2131]

We have to find ways if our profits are more than Rs 4 L because for 2.5 L + 1.5 L 80 C there is no tax on 4 L profits.

Hint is have more tax files in the family,start a HUF, claim more expenses, claim deductions in all the files ......use your imagination.

One very senior professional ( not in trading field and he was in max tax slab )once told me never hide any income as hiding income is a crime. But claim expenses and deductions...so if expenses are disallowed, it is NOT A CRIME..so ITO cannot put any penalty on you , he will at the most disallow some expenses and make you pay some more tax....

Smart_trade

I know somebody who put all expenses of home in trading expense like electricity bill water bill...rent and more...jitna bada sakte ho ...badha lo...konsa crime ha :lol::rofl:

 

[marimuthu13]

We have to find ways if our profits are more than Rs 4 L because for 2.5 L + 1.5 L 80 C there is no tax on 4 L profits.

Hint is have more tax files in the family,start a HUF, claim more expenses, claim deductions in all the files ......use your imagination.

One very senior professional ( not in trading field and he was in max tax slab )once told me never hide any income as hiding income is a crime. But claim expenses and deductions...so if expenses are disallowed, it is NOT A CRIME..so ITO cannot put any penalty on you , he will at the most disallow some expenses and make you pay some more tax....

Smart_trade

sir,
these expenses and deductions are actual or extra build up is there..

expenses can be extra build up for trading assistant pay, office rent, software charges, interest for capital amount etc etc...right??

 

[Smart_trade]

I know somebody who put all expenses of home in trading expense like electricity bill water bill...rent and more...jitna bada sakte ho ...badha lo...konsa crime ha :lol::rofl:

They have to be legitimate expenses for business. Else they will be disallowed and tax authorities look at us with doubtful intent...but your internet bills, telephone bills, can be claimed as expense.

Smart_trade

 

[Prataap_2013]

You can also claim depreciation expenses on laptop, mobile, desktop, used in trading.

 

[TradeJoker]

I know somebody who put all expenses of home in trading expense like electricity bill water bill...rent and more...jitna bada sakte ho ...badha lo...konsa crime ha :lol::rofl:

Calculate the STT , it's more than , internet and electricity bills, I think that's enough for government

 

[Smart_trade]

sir,
these expenses and deductions are actual or extra build up is there..

expenses can be extra build up for trading assistant pay, office rent, software charges, interest for capital amount etc etc...right??

Yes but they should be reasonable...trading assistant you can show salary,peon salary ,travelling expenses but maintain vouchers of all expenses so that they can be proved....but actually pay it by cheque every month.Salary also 8-10 K is fine but w cannot show Rs 50 K salary in a business where net profit is 1-2 L

Smart_trade