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

Are you able to understand the replies and act accordingly to this thread ??

  • Yes, able to understand BUT NOT able to take suggested course

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  • Somewhat able to take desicions, BUT seek professional help in my area

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  • Total voters
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  • Poll closed .
Ok Sir,last query to clear the confusion,
Income from Business/Profession is 235000
FD Interest is 60000
Total is 295000

I filed ITR under 44AD without audit case.
after deduction tax is nil.

Gross receipt 260000
Actual Profit 235000
Deemed Profit %=90
Profit against Turnover (8%)=20800

was it wrong?
looks like its a wrong ITR filed,also you said your CA added RD as 80C :O
bro then you'll get a scrutiny letter and ITO will ask you many questions.You'll have to sit for 6-8hrs.Its a very painful process.

get confirmed with Nikhil Ji here,looks like he is not coming on TJ.
 

princy01

Well-Known Member
Ok i am confused, one friend has 5 lacs loss in fno but he also has rental income

His ca says loss will not be carried forward and will be adjusted with rental income, please tell about this situation

Regards
 

canikhil

Well-Known Member
Ok i am confused, one friend has 5 lacs loss in fno but he also has rental income

His ca says loss will not be carried forward and will be adjusted with rental income, please tell about this situation

Regards
what is to tell here. You first adjust the current year's losses against current year's income. Only the left over loss is carried forward.
 
I have account with Tradesmartonline and I asked them if the turnover they calculate in Box is scripwise or tradewise as tradewise is needed for filing IT returns. Here is what they replied:

"Currently, we are displaying the total NFO turnover. In other words, total
turnover = Total sum of debit+total sum of credit+sell side of options.

The reports prepared by us in BOX are for the convenience of our clients.
However, we'd not be able to advise on tax matters. You are requested to
obtain the advise of your tax consultant with regard to the correctness and
appropriateness of this statement with reference to your particular
situation."


They did not answer about equity segment. And since I dont trade in options i dont need to think about that. From their reply, i infer that it is not tradewise turnover. If I am correct, how can a trader like me who has no knowledge of commerce/Tally calculate tradewise turnover? Or would shifting to Zerodha would be better as they say that they are the only ones who give tradewise turnover?
 
Hi, I am interested in closely studying the various income tax rules/acts etc. Is there a way I could get printed copy of all of these? On the IT department's website (http://www.incometaxindia.gov.in/), these are under "TAX INFORMATION AND SERVICES" and "TAX LAWS AND RULES". In other words, I am asking if I can get all (or at least most) of the material on the IT department's website in printed form. Please advice. Thanks.
 
Buy VK Singhania Direct Tax Book

Hi, I am interested in closely studying the various income tax rules/acts etc. Is there a way I could get printed copy of all of these? On the IT department's website (http://www.incometaxindia.gov.in/), these are under "TAX INFORMATION AND SERVICES" and "TAX LAWS AND RULES". In other words, I am asking if I can get all (or at least most) of the material on the IT department's website in printed form. Please advice. Thanks.
 

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