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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; Diosys, here are a few queries! Please help... I understand that intra-day trading profits are ... |
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#381
16th August 2008, 01:30 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Diosys, here are a few queries! Please help...
I understand that intra-day trading profits are regarded as business income. Can investment u/s 80C be used to reduce one's taxable income earned by intra-day trading? Is it true that short-term capital gains won't get the benefit of section 80C? Is it true that your assessing officer has the power to declare that your income from short-term capital gains is actually business income depending on the frequency, volume, turnover, etc. if he feels that that would make you liable to pay more tax (since STCG is now taxed @ 15% + surcharge, cess, etc.? Depending on one's total income and frequency, volume, turnover, etc. , could one claim that the STCG is actually business income and then qualify for 80C? This is for people whose total taxable income would work out to be taxed at less than 15% (the STCG rate?). 
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#382
16th August 2008, 08:39 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Isn't there a way to file a complaint online?
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#383
17th August 2008, 09:27 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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1.) 80C can be used for deduction from business income.... 2.)Yes, STCG and LTCG do not get the benefit of 80C.... 3.) The ITO can put the amount claimed by you as STCG as business income if feels so...but for the same he would have to determine that your intention was to trade and not invest....Please go through the first page of this thread to understand.... 4.) Yes, it is correct to go in for Business income in that scenario....
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| The Following User Says Thank You to diosys For This Useful Post: | ||
vasa1 (17th August 2008) | ||
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#384
17th August 2008, 09:28 AM
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Re: Fire your tax related quieries and i would get it solved!!!
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#385
17th August 2008, 01:28 PM
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Re: Fire your tax related quieries and i would get it solved!!!
Diosys:
This is such a useful thread that I wish Traderji would make provision for us to download it as one large file instead of viewing it page by page. There's pressure (at home) for me to quit hogging the net 
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| The Following User Says Thank You to vasa1 For This Useful Post: | ||
diosys (18th August 2008) | ||
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#386
18th August 2008, 01:28 PM
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short term gain from swing trading?
Dear diosys,
first i want to thanks you that you have start this thread to solves tax related problems i think this thread will go further. I stay in Kuwait i would like to do swing trading if i have purchase a share RS50,000 sell it with 25% after one week i.g. profit 12500 so tax will deducted how much the tax will be duducted, is there any limitation that below such amt tax will not be duducted. as i m new please guid me. best regards balram 
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| The Following User Says Thank You to balraj167 For This Useful Post: | ||
diosys (19th August 2008) | ||
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#387
19th August 2008, 12:07 PM
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Re: short term gain from swing trading?
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Dear Balram, I dont suppose there would be any tax deduction .... Only you would have to pay tax after the financial year ending.... Please go through the DTAA agreement between India and Kuwait (if any)...It would be available at the income tax website..
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| The Following User Says Thank You to diosys For This Useful Post: | ||
balraj167 (19th August 2008) | ||
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#388
20th August 2008, 12:55 PM
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Re: Fire your tax related quieries and i would get it solved!!!
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#389
20th August 2008, 06:27 PM
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Re: Fire your tax related quieries and i would get it solved!!!
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#390
25th August 2008, 02:44 PM
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Re: Fire your tax related quieries and i would get it solved!!!
A senior citizen makes a deposit u/s 80C. This has a lock-in of 5 years. On the basis of the 80C benefit, tax is not required to be paid for the relevant year. Now, a couple of years later, the senior citizen dies. What happens to this FD? Is it still in lock-in? Who reports and pays tax on the deceased senior citizen's FD?
In general, what are the problems tax-wise that the survivors have to deal with and be prepared for?
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