Traderji.com - Discussion forum for Stocks Commodities & Forex

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

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 3dsmaxed Q2 and Q3 are much clearer now regarding Q4 my income ...


Go Back   Traderji.com - Discussion forum for Stocks Commodities & Forex > TOOLS & RESOURCES > Taxation Matters

Notices

Taxation Matters Taxation issues for investors and traders.


Advertise Here

View Poll Results: Are you able to understand the replies and act accordingly to this thread ??
Yes, Clearly able to understand and take action on threads suggestions 5 100.00%
Yes, able to understand BUT NOT able to take suggested course 0 0%
Somewhat able to take desicions, BUT seek professional help in my area 0 0%
Find it tough to understand the replies hence always seek other professional help 0 0%
Not able to understand any of the replies !!! 0 0%
Voters: 5. You may not vote on this poll

Reply
 
Thread Tools
Sponsored Links
  #331  
Old 19th July 2008, 11:11 AM
Member
 
Join Date: Sep 2006
Posts: 308
Thanks: 12
Thanked 32 Times in 28 Posts
diosys has a spectacular aura aboutdiosys has a spectacular aura about
Reputation: 177
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by 3dsmaxed View Post
Q2 and Q3 are much clearer now
regarding Q4 my income was 5 lacs and out of that i put 2lacs in market to buy shares. and so i pay tax on remaining 3 lacs as 2 lacs is still invested
right?
Wrong....pay tax on you total income of 5 lacs....that is your profit....

Please try to appreciate the difference between capital and income...
Reply With Quote
Sponsored Links
  #332  
Old 19th July 2008, 11:19 AM
Member
 
Join Date: Feb 2008
Posts: 44
Thanks: 0
Thanked 0 Times in 0 Posts
3dsmaxed is on a distinguished road
Reputation: 10
Default Re: Fire your tax related quieries and i would get it solved!!!

5 lacs was the amount that was put to start my icici direct account
diosys if its not much of a hassle can i email u my statment for those 4 months and u can help me find out how to calculate

Thanks
Reply With Quote
  #333  
Old 19th July 2008, 11:26 AM
Member
 
Join Date: Sep 2006
Posts: 308
Thanks: 12
Thanked 32 Times in 28 Posts
diosys has a spectacular aura aboutdiosys has a spectacular aura about
Reputation: 177
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by 3dsmaxed View Post
5 lacs was the amount that was put to start my icici direct account
diosys if its not much of a hassle can i email u my statment for those 4 months and u can help me find out how to calculate

Thanks
if 5 lacs was the amount you had put to start then that is your capital and not profit....then no tax on this amount...
Reply With Quote
  #334  
Old 19th July 2008, 11:35 AM
Member
 
Join Date: Feb 2008
Posts: 44
Thanks: 0
Thanked 0 Times in 0 Posts
3dsmaxed is on a distinguished road
Reputation: 10
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by diosys View Post
if 5 lacs was the amount you had put to start then that is your capital and not profit....then no tax on this amount...
so i have to pay 30% on those 5 lacs right?
but suppose i take 2 lacs and buy some shares so that 2 lacs is still invested in the market
so i just pay 30% on 3 lacs as the decision of profit or loss is pending on those 2 lacs as i havent sold the shares yet
Reply With Quote
  #335  
Old 19th July 2008, 12:09 PM
Member
 
Join Date: Aug 2006
Posts: 76
Thanks: 2
Thanked 1 Time in 1 Post
anjanr is on a distinguished road
Reputation: 21
Default Re: Fire your tax related quieries and i would get it solved!!!

Dear diosys,
I am a salaried employee and do f&o trading also. I hvae few queries
1. f&o is treated as business income, am I right?
2. In which column of ITR 4, should I include the f&o income?
Thanks
Reply With Quote
  #336  
Old 19th July 2008, 08:07 PM
Member
 
Join Date: Mar 2008
Location: Hyderabad
Posts: 1,117
Blog Entries: 1
Thanks: 841
Thanked 404 Times in 241 Posts
columbus is just really nicecolumbus is just really nicecolumbus is just really nicecolumbus is just really nicecolumbus is just really nice
Reputation: 433
Default Re: Fire your tax related quieries and i would get it solved!!!

All investments made in Mutual Funds are exempted from the Income Tax? Or those in ELSS scheme only?
Reply With Quote
  #337  
Old 20th July 2008, 09:15 AM
Member
 
Join Date: Sep 2006
Posts: 308
Thanks: 12
Thanked 32 Times in 28 Posts
diosys has a spectacular aura aboutdiosys has a spectacular aura about
Reputation: 177
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by 3dsmaxed View Post
so i have to pay 30% on those 5 lacs right?
but suppose i take 2 lacs and buy some shares so that 2 lacs is still invested in the market
so i just pay 30% on 3 lacs as the decision of profit or loss is pending on those 2 lacs as i havent sold the shares yet
Why are you getting confused.....

Please answer one simple question...

Is this 5 lacs which you invested your capital or your generated profit....Note - Generated profit means for this year alone and not previous year...
Reply With Quote
  #338  
Old 20th July 2008, 09:16 AM
Member
 
Join Date: Sep 2006
Posts: 308
Thanks: 12
Thanked 32 Times in 28 Posts
diosys has a spectacular aura aboutdiosys has a spectacular aura about
Reputation: 177
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by anjanr View Post
Dear diosys,
I am a salaried employee and do f&o trading also. I hvae few queries
1. f&o is treated as business income, am I right?
2. In which column of ITR 4, should I include the f&o income?
Thanks
F&O should go in the business income head....

It would be included in the schedule where the breakup of sale and purchase is required....
Reply With Quote
  #339  
Old 20th July 2008, 09:17 AM
Member
 
Join Date: Sep 2006
Posts: 308
Thanks: 12
Thanked 32 Times in 28 Posts
diosys has a spectacular aura aboutdiosys has a spectacular aura about
Reputation: 177
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by columbus View Post
All investments made in Mutual Funds are exempted from the Income Tax? Or those in ELSS scheme only?
Only those in ELSS are eligible for deduction....not all
Reply With Quote
  #340  
Old 24th July 2008, 08:41 AM
Member
 
Join Date: Jun 2007
Posts: 116
Thanks: 0
Thanked 11 Times in 8 Posts
Aman1 is on a distinguished road
Reputation: 31
Default Re: Fire your tax related quieries and i would get it solved!!!

hi diosys
I am salaried, I have done all kind of tradingi.e intraday, short term, future&option, and commodity. Am I supposed to fill only one form for my tax return i.e ITR4 or any other form as well.
Reply With Quote
Sponsored Links

Reply

Bookmarks


Advertise Here


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads for: Fire your tax related quieries and i would get it solved!!!
Thread Thread Starter Forum Replies Last Post
Amibroker Database Problem Solved. rajib333 Software 7 8th November 2006 05:19 PM
Interesting trading related quotes sh50 Words of Wisdom 1 16th October 2004 01:11 AM
Interesting money management related quotes. sh50 Risk & Money Management 0 29th September 2004 10:21 PM


All times are GMT +5.5. The time now is 05:23 PM.

Indemnity, Disclaimer & Disclosure Notice:
• By visiting Traderji.com you indicate your acceptance of our Forum Rules Disclaimer & Disclosure and indemnify Traderji.com, its associates and related parties of all claims howsoever resulting from the usage of the forum.
Disclaimer: Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. Traderji.com will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information.
Disclosure: The information in this forum is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.
• All names or products mentioned are trademarks or registered trademarks of their respective owners.
General Content Disclaimer Notice:
In light of our policy of encouraging candid, open exchanges of views and the rapid distribution of information originating from many sources, Traderji.com cannot determine the accuracy of information that may be uploaded to the forum. Opinions, advice and all other information expressed by participants in discussions are those of the author. You rely on such information at your own risk. You are urged to seek professional advice for specific, individual situations and not rely solely on advice or opinions given in the discussions. Since Traderji.com is an open and free discussion forum, any comments made by members of this forum in their posts reflect their own views and not of the owner or administrator of Traderji.com. Thus the owner/administrator indemnify themselves of all claims whatsoever and will not be liable or responsible for any members comments/views in this forum Traderji.com. If you find any objectionable or offensive posts made by members of this forum which you would like to bring to our notice for removal then please Contact Us.
 


Copyright © 2001 - 2009, Traderji.com All Rights Reserved.

Recommended Websites - www.TradersEdgeIndia.com - www.TradingPicks.com - www.MasterOfTrading.com