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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 lvgandhi Thanks for the reply. I would like to know whether keeping ... |
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#301
7th July 2008, 09:15 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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Books are required to be kept of one's income is greater than Rs. 1.2 Lacs or if you wish to claim losses....It has nothing to do with your turnover.... So i would suggest maintain books 
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#302
7th July 2008, 09:43 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Dear Dio
While maintaining the books of accounts, do we have to maintain the books pertaining to the trading only. Or, should every bank account / other transactions should also be included with it. Regards, Kapil
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#303
7th July 2008, 06:38 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
Sorry to trouble again.. 1 .I didnt got your points on "cannot set off busniess income loss with your salary income...." this does mean i cant add my loses to the profit earned from intra day trading & reduce the taxable profit ? 2. you mentioned if the stock value is less than cost at march 31 ..but i am doing intardy trading and wont hold any stocks on end of day (3 Pm)... i mainly do Intraady Margin trading..if i get any Profits they are less than 5000/- 3. can we get any rebates on intraday transactions...(STT etc) Regards Kumar Last edited by kumark; 7th July 2008 at 06:38 PM. Reason: typo
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#304
8th July 2008, 09:18 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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Once books are required to be made....then it has to complete in all aspects....otherwise it may amount to concealment of facts and make you liable for penalty proceeding. In any case ALWAYS PREPARE YOUR BOOKS OF ACCOUNTS !!! EVERYONE !!! I BEG OF YOU ALL !!!
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#305
8th July 2008, 09:20 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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What i meant was that if there is loss in business income and income from salary then they cannot be set off in between them to lower your tax outgo.. If you do not have any closing stock then there is no benefit which accrues to you.... Plus you would NOT get any rebates of STT etc...
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#306
12th July 2008, 06:26 AM
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Tax issues.
Hi fellow traders,
I am Graduate Student and I've started trading from this FY. My only source of income is monthly allowance from parents and profit proceeds from Stocks. I've made profits and losses as well. So, do I need to file my returns. As far as I know, if the income is below 1.5 lacs, filing is not required. If I wish to file it, what is the relevant ITR form for it? Help appreciated. Sangfroid22 
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#307
13th July 2008, 09:46 AM
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Re: Tax issues.
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You are right in stating that no ITR is required if income below 1.5 lacs...may i make it abundantly clear....it is gross income and not after claiming deductions under section 80C..... If you do use an ITR then use ITR-4 for business trading....
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#308
14th July 2008, 10:56 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Hi diosys,
I have icici trading a/c. Last financialy year i may have got around 10-15k profit. 1. How do i get statement how much exactly i have profit (after loss deduction), for that financial year. I tried to get bill statment in icici customer care, but it only shows debit/credit transactions. 2. I am salaried employee, so which ITR i should fill and how to pay tax to government? Thanks Vikram
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#309
14th July 2008, 12:18 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
In order to determine your ITR i must know whether you did intraday or the income is from investments be it very short term.....If intraday then business income and ITR-4 to be used.... For the profit quantum part that you can devise only from your ICICI ledger...i do not use ICICI hence would not be able to help you much with it....
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#310
14th July 2008, 01:09 PM
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Re: Fire your tax related quieries and i would get it solved!!!
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I have done intraday very few times , say 4-5 times, with profit and loss, it should come null profit/loss, and rest is short term trading. so which ITR i should use ? Regards Vikram
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