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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; Hi, Wahts the Short term capital gain tax for Intra day (Reguler ) Also mentioned ... |
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#291
5th July 2008, 05:49 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Hi,
Wahts the Short term capital gain tax for Intra day (Reguler ) Also mentioned in one of the starting threads low Stack at close the Tax will be Low..Plz explain this... Last edited by kumark; 5th July 2008 at 05:50 PM. Reason: Typo 
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#292
6th July 2008, 08:11 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Hi
In the Annual Information report column of the ITR, should i include the total value of the shares transactions purchased during the year (delivery based) or only of the shares applied in the IPO ? Thanks Shravan
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#293
6th July 2008, 09:53 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
Any mode would do....provided it generates.... 1.) Cash Book 2.) Ledger 3.) Day Book
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#294
6th July 2008, 09:55 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
Please be clear for intra day players there is NO capital gain....it is purely business income and the rate of taxation would depend upon your other income... What i meant by saying low stock is that once you are classified as a business income then you can value your holding at lower of cost or market value on every balance sheet date i.e 31st March....So it lowers your tax outgo for the year...
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#295
6th July 2008, 10:01 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
According to the plain reading of the line it means IPO only...
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#296
6th July 2008, 11:00 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
One more query. If I have income from FD interest, salary arrears say 2 laks and and losses from futures trading say 4 lakhs, how to calculate taxable income?
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#297
6th July 2008, 11:16 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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Excel does not suffice the requirements of Income Tax Act....get a part time accountant and get your books written in a proper accounting program like tally....believe me it would help you a lot in future....Excel would only add to confusion...
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#298
6th July 2008, 05:08 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
thanks for informing for intrday it will be buseness income not capital gain... i am working in MNC.. started active trading from last 2 months (small trader  )but i still didnt got the point of Low stock .. can you provide an example.. it will be very Helpful as i dont want any confusion regarding taxes which my crete huge trouble later... thanks again kumar
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#299
7th July 2008, 08:31 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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#300
7th July 2008, 09:14 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
First let me tell you that you cannot set off busniess income loss with your salary income.... That is one....Now for the closing stock thing... As per Income tax rules stock is to be valued at cost or market value whichever is less...For eg you bought 100 HLL at 200 and on 31st Mar 100 HLL market value is 180 then you value your stock at 180 hence there is a decremental effect of 20....hence yor taxable profit goes down....
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