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canikhil

Well-Known Member
I have a query regarding cash book. I have started trading options, but I transfer money to the broker and keep it in the broker's account. Whatever credit and debit happens, it is done from the brokers account. From my savings account, I do all normal transactions too, including paying bills etc. I also add to the brokers account when needed. Now for cash on hand which account shall I show, the brokers account or my savings account? The savings account will reflect more cash than I have used in trading in the brokers account.
balance with the broker will show as other assets (not as cash)

for cash in hands, you can show the bank account balance linked with the trading account
 

canikhil

Well-Known Member
Hello!
I applied for correction in pan (DOB) in june and I have not received my corrected pan number yet. I contacted NSDL and they say my pan is with income tax department for second verification and it will take some more time. Meanwhile on checking pan status I get a message that my pan is with ITD for verification. My question is how do I fill my ITR if I don't receive my corrected pan before 31 july because I cant link my pan and adhar without new corrected Pan card.
you gotta wait for the PAN data to be updated.
 
Friends

Reliance has announced 1:1 bonus. I want to know about the tax implications, if I buy REL shares and sell as
1. Buy cum bonus cum dividend and selling ex bonus ex dividend
a. retaining bonus part and selling the shares in short term say at 850
b. ---do---- but in long term, after 12 months say at 900
2. Buy cum bonus cum dividend and selling ex bonus ex dividend
a. selling the shares as well as bonus part in short term at 850
b. ---do---- but in long term, after 12 months say at 900

What will be the cost of acquisition of shares and bonus part after ex bonus ex dividend. I shall be thankful if someone please explain it with practical example.

Thanks
 
This query relates to a senior citizen lady aged 65 years, and her husband aged 68 ailing and no source of income.
Suppose this lady receives a sum of Rs 360000 (or more) in a year from her sons and daughter for their living by net banking transfer in her bank account. She has no other income except a small amount less than Rs 1127 as savings account interest.
I want to know, does the lady require to file ITR, as amount received is above marginal tax exemption limit of 3 lakhs (though I understand that the amount received from the specified relatives, here sons and daughter, is not taxable but does filing ITR is mandatory in this case)
 
Nikhil Sir

My niece joined a corporate body in Dec 17. Her total salary income is within 2.5 lakhs including some FD interest and bank interest. And she wish to file ITR 1.

The query is, she received an amount of 5000 as honorarium, from IIT, Delhi for delivering a lecture there and 1111 from a corporate body for another lecture. Is this honorarium taxable or tax free and in which column, this amount has to be shown in ITR 1.

Thanks
 
Hello Friends,

I have a query regarding TDS:

I have received multiple payments from a client on which TDS has been deducted. Now the payments are in two categories.

1) Payment received in FY 2016-17 and TDS transaction date and booking date in 2016-17

2) Payment received in FY 2017-18 and TDS Transaction date is 2016-17 and booking date is 2017-18.

Both the above TDS are appearing in my 26AS for FY 2016-17.

Now for the first part there is no issue as everything has happend in 2016-17. So I can show the income for 2016-17 and claim refund of TDS which has is shown with Transaction date and booking date in 2016-17.

But for the second part, I have received the payment in 2017-18, which TDS Transaction date in in 2016-17. So while filing my ITR this year how can I claim refund for point no. 2. Since I have received the payment only in current FY (2017-18), while the TDS on the same has been shown with Transaction date in 2016-17.

So do I show income received in 2017-18 too in my ITR or how to go about getting refund for point 2.
 
I needed this advice. Are there any qualified CA here who can provide assistance. If need be, I can give details of the transactions, if there is more clarification needed by experts.
 

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