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

[lvgandhi]

yes your understanding is absolutely correct.

Thanks for the clarification.
My second question which remains whether I can set off carried over business loss from previous years from current years income from other sources which include interest from bank FDs, company FDs.

 

[diosys]

Thanks for the clarification.
My second question which remains whether I can set off carried over business loss from previous years from current years income from other sources which include interest from bank FDs, company FDs.

not allowed....carried forward is allowed to be set off from same source of income and not from others.

 

[diosys]

URGENT URGENT URGENT :sos:

UR ADVICES HAVE SOLVED MANY ISSUE..ONE MORE I WUD LIKE TO CLARIFY

My net position as year comes closes to this
around

20k loss of equities ....most are intraday but very few trades are on delivery and some very less like 10 stock of sm scrips m holding..

20-30k loss on options .....

sm gains like 3k on futures

Now i left job last year 31st march and since then my sometime PF cheques or sm settlement money was on my account.

......Now i am worried abt
1)whehter we need to show proof of documents while filing returns...soft copy or hard copy.....of any money tht came on my accounts and also trading tht happend

2)Being in loss do we need to declare to IT authorities how my net position is truely in loss ..by showing them proof of document from backoffice.

3)How do u really handle ...tackle with any big amount tht has came on ur account when niether u r on job or...doin trading....i mean do u hv to show proof of tht.

pls reply my doubts..

Thanks

PF pass book should be enough proof that the money was redeemed and deposited in the bank account and yes you need to maintain such proof...

Plus you should also declare your loss for your own benefit otherwise if you have gain next year then you would get the benefit of this loss...

Documents are required if they are called for, not until then....

 

[TFL]

Dear diosys,

Is forex trading legal in india? Not with the NSE listed pairs but like Alpri, Oanda, etc?

 

[nac]

seperate means seprate...you would need to maintain cash and journal...no concession given !!!

Fine, I need to maintain Cash book and ledger, no matter what... (Why cash and journal????.... You have been saying cash book and ledger)

Take my advice hire an accountant for 5000 or so and give him all the headache...

I took your advice and I am gonna maintain books of accounts. But 5 grand is around 20% of my capital, I can't even think of it. But still I consider yours...

i bet you would not be able to do it....

:rofl:Thank you for so much hope on me:rofl::rofl:

 

[veeemkay]

I took your advice and I am gonna maintain books of accounts. But 5 grand is around 20% of my capital, I can't even think of it. But still I consider yours...

I have not used their services but maybe try checking out "taxspanner DOT com". They claim to do online accounting and efile ITR 4 for F&O traders for just Rs 749.

Maybe someone who has used it can kindly respond with some feedback about their level of service.

VK

 

[diosys]

Dear diosys,

Is forex trading legal in india? Not with the NSE listed pairs but like Alpri, Oanda, etc?

I am not sure about it...

But there are guidelines by CBDT relating to forex accounting so i can draw a a conclusion that it would be otherwise such guidelines would not have been there...

 

[DDK_CHENNAI]

diosys, is securities transaction tax deducted as expense once or twice???

 

[DDK_CHENNAI]

i'm a day trader with very high volumes in derivative segment..i hav no other source of income...how much shud i spend to hire a tax consultant fot filing it returns...

 

[DDK_CHENNAI]

diosys sir, i'm a very high volume f&o trader...if my total buy value in a year is 1 crore and sell value is 1.4 crore...and my stt is 30 lacs(which can be deducted as expense)and nse charges,service tax on brokerage is 10 lacs...wat's my taxable income???