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| Discuss Fire your tax related quieries and i would get it solved!!! at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Originally Posted by arun_17 I have a small question. If I buy a share today ... |
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#281
22nd June 2008, 03:24 PM
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Re: Fire your tax related quieries and i would get it solved!!!
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#282
28th June 2008, 04:47 PM
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Re: Fire your tax related quieries and i would get it solved!!!
dear sir,
i have sold an ancestral property for 35 lakhs. There is a tenant in the house whom with litigation is in high court. Buyer of the property has not done registry and intends to do it after I give him vacant possession of the house (by court). he has given me 25 lakhs and 10 lakhs are in joint fd with him. at the time of registry I shall get the FD amount. details of payment: first 10 lakh in oct 2006 final amount and joint fd was done on 3/5/2007 my questions are- (1) should mention LTCG in this year's return (FY 2007-08) or wait for the registry. (2)am i entitle to buy REC bond? (3) recipts of brokerage is required to prove the brokerage paid while filing return. (4) shall i have proberm as i paid brokerage (more than 200000) in cash.
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#283
30th June 2008, 09:54 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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According to me this should not be income till the property is cleared of its litigation as thee is an overriding tittle on the property...Plus the possession is still pending...hence sec 53 of the Property act also not completd....
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#284
3rd July 2008, 08:43 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Hello Diosys!
Good to see you back  Could you help me to add some more expenses list apart from the below genuine ones for self employed persons. Others are welcome to add to this list so that some of the guys over hear can save some taxes including me EXPENSES FOR SELF-EMPLOYED PERSONS: 1) Salary to one or more persons 2) Telephone, Electricity Bill 3) Petrol, Stationery and other Misc Expenses 4) Depriciation value for purchase of hardwares like Computers, Printers or vechicles like bike, car required for the business involved. 5) Office rent or Charges for using room in a house for business purpose. Thanks Jeet
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#285
3rd July 2008, 09:47 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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Let me drill one thing very simple to you.... Under Income tax only those expenses are allowed which are relatable to your income earned....Not each and every expenses is allowed as a deduction. For eg you stated stationary....for earning share income the expense of stationary has no co-relation.... There can be thousands of expenses which a person incurrs....But the moot question remains that you would need to establish a link between them... Moreover as i have repeatedly told you...Please hire a professional in your area for help....Or you might end up in a bad position and fill up the ITR wrongly...
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#286
3rd July 2008, 12:39 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Hello Diosys!
Thanks for your response.... I am looking for a professional help. Hope I get one soon. Sorry to bother you The reason I wrote the post was to get myself educated about various options of booking expenses (of course genuine ones related to my business) . For example, I never knew before that there exists a depreciation factor expense for the computer... So I thought if experts add things to the list, I can pick up which is suitable for me. But I got your point clearly. Thanks anyway. You have been of great help to me. Regards Jeet
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#287
4th July 2008, 11:28 AM
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Re: Fire your tax related quieries and i would get it solved!!!
I have traded in futures and have losses. But treating the losses, how should I go? Can it be short term losses? If it is to be taken as business losses, I was told that I had to get my accounts audited by auditor as turnover is above 40 lakhs. What constitutes turnover? What should I do?
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#288
5th July 2008, 10:28 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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Calm down....nothing much to worry... First let me tell you what is turnover in future.... It is the aggregate of the profit and loss....Please note aggregate and not sum....Aggregate means to add even the profit with the loss...For eg Profit -10000, Loss - 10000 then turnover would be 20000 and NOT 0.... So if your turnover according to the above definition crosses 40 Lacs get books audited....Otherwise maintenance of books is required,... Thirdly i would suggest to classify this as business income so that you would be allowed to carry forward this for 8 years max....
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#289
5th July 2008, 10:30 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Tax audit is to be done when one's turnover is above 40 Lacs...For those in other industry it is the basic sale achieved....But in the case of transactions of F&O there is a difference...
For the purpose of F&O transactions the limit of 40 Lacs is the profit or loss in absolute terms...Let me explain with an example.... Suppose you bought one lot of 150 shares of Financial Technology at Rs. 3000...Then you sold it at 3100....Therefore your profit is 100*150=15000... Now you bought one lot of 1400 shares of HCC at 100 and then sold it for 110...so your profit if 10*1400=15000... Third, you bought one lot of 8000 shares of IFCI at 60 and then sold it for 50...so you incur a loss of Rs. 10*8000=80000... therefore for the purpose of determining the total turnover you achieved would be 15000(FTIL profit) + 14000(HCC profit) + 80000(IFCI loss) = 1,19,000.... it would not be the total transaction values but the absolute profit or loss incurred in the transactions... I hope it is now clear .....
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#290
5th July 2008, 11:20 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Thank you very much. My turnover as per your calculation it is very very less.
Kindly elucidate regarding book of accounts whether electronic book of accounts in PC in free format is permissible.
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