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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; Thanks a lot friend.. this thread is immensely helpful,I truly appreciate your effort.... |
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#371
2nd August 2008, 01:03 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Thanks a lot friend..
this thread is immensely helpful,I truly appreciate your effort. 
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| The Following User Says Thank You to vinay8483 For This Useful Post: | ||
diosys (2nd August 2008) | ||
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#372
11th August 2008, 06:06 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Hello Sir, I have 2 questions:
Q1: For day traders, most brokers charge STT (security transaction tax) for all intraday transactions. I think that STT is now mandatory by law for all stock market transactions. Now (as u said earlier), as a day trader if I have to pay Tax at the regular 30% rate, can I set-off (deduct) STT while calculating my net profit/loss? Q2: While filing the IT return, do I have to submit the details of each and every transaction carried out daily for the whole year ?? (!!! If thats the case whose gonna pay for the cost of printing those 300 or so sheets  )
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#373
11th August 2008, 05:16 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
A2: Nope, that is not required...Simply put in the total sale value and purchase value...Please note that for intraday transactions the sale value is not the actual sale value but the profit or loss for the day...refer to my earlier posts for clarifiction...
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#374
13th August 2008, 08:22 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Hi diosys ,
i am a salried employee also Doing intraday regulerly...As per my understanding i have to file ITR 4 as intrady will come under Buseness income..i also do Short term trading.. Now can i square off my losses with my profits (ex if i profit 25000 & loss 35000).. Also you mentioned we can Deduct the STT (is this both for loss & profit) Thanks for your patience in providing details for so many people... regards Nithin
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#375
14th August 2008, 09:19 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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Business loss cannot be set off with Salary income...this amendment has been made from FY 2007-08...Hence the same is not possible.... Secondly deduction of STT is from this FY i.e. 2008-09 and not the previous...So keep in mind the same...
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#376
14th August 2008, 04:20 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
thanks for Updates... i started Trading from this year only ( from June)... Regards Nithin
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#377
15th August 2008, 02:27 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Who do you send complaint preferably by email or fax if you don't get refund? I have already written to ITO but of no use.
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#378
15th August 2008, 08:20 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Great thread. Thank you! I am readying a whole set of queries for you
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| The Following User Says Thank You to vasa1 For This Useful Post: | ||
diosys (16th August 2008) | ||
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#379
16th August 2008, 11:06 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
Nevertheless what i would suggest is that try to meet the commissioner of Income tax in your city and put forward your case...Maybe he would be able to help you... Otherwise hire a able professional in your city so that he may be able to expediate the refund.
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#380
16th August 2008, 11:06 AM
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Re: Fire your tax related quieries and i would get it solved!!!
Quote:
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