Traderji.com


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; Hi all.... I thought a lot of our traderji members would be having taxing issues...Hence ...


Go Back   Traderji.com > TOOLS & RESOURCES > Taxation Matters


Taxation Matters Taxation issues for investors and traders.


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
  #1  
Old 28th July 2007, 10:26 AM
diosys's Avatar
Member
 
Join Date: Sep 2006
Posts: 750
Thanks: 47
Thanked 455 Times in 316 Posts
diosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to all
Smile Fire your tax related quieries and i would get it solved!!!

Hi all....

I thought a lot of our traderji members would be having taxing issues...Hence i am launching this thread for people who wish to seek some advice on issues pertaining to Income Tax or Service Tax....

I would try to solve them to the best of my ability and knowledge....

See Ya all....

Reply With Quote
The Following 15 Users Say Thank You to diosys For This Useful Post:
ashish1802 (23rd April 2010), balraj167 (18th August 2008), bunny (14th March 2010), deneb (20th August 2010), fabrics (20th July 2010), lazytrader (29th October 2010), mpnet (15th April 2010), PPGAFOOR (1st November 2008), Raj133 (26th December 2009), rkripal (19th July 2010), Saint (29th July 2008), sens_c (28th February 2010), sicinv (16th September 2009), smartboy1jan1982 (18th March 2010), the tape (17th November 2008)

Looking for a share broker?

Name:Phone:
Email:City:
State:
Are you a day trader?
  #2  
Old 28th July 2007, 10:31 AM
Member
 
Join Date: May 2006
Location: Kolkata
Posts: 1,073
Thanks: 3
Thanked 7 Times in 7 Posts
swagat86 is on a distinguished road
Default Re: Fire your tax related quieries and i would get it solved!!!

I recently read abt a CBDT circular that gains from capital mrkts wud be considered business income and will be charged in the same way. Not CG anymore.

Am i ryt? Is it applicable from this FY? And if applied wat can be the implication to Trader/Investors?????????????
Reply With Quote
  #3  
Old 28th July 2007, 10:49 AM
diosys's Avatar
Member
 
Join Date: Sep 2006
Posts: 750
Thanks: 47
Thanked 455 Times in 316 Posts
diosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to all
Smile Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by swagat86 View Post
I recently read abt a CBDT circular that gains from capital mrkts wud be considered business income and will be charged in the same way. Not CG anymore.

Am i ryt? Is it applicable from this FY? And if applied wat can be the implication to Trader/Investors?????????????
What you had read is true.....It is our beloveds FM way to increase litigation even more....It would now be a cat mouse game between the department and the assessee....

See first let me inform you that this circular has two basis distinctions....

One....You may be called a trader....You may so be called if you have done heavy buying and selling....bet it intra day or not....it does not matter....what matter is the intention with which the shares were bought....If they were bought with an intention to keep them for the long term then they would not be trader and be classified as investor....If you are a trader then the income is chargeable to tax in the head of business and tax payable @ 30%....But there may be a benefit in it..........If you socks in hand which are lower than your cost then they would be valued at that and accordingly your closing stock would be less which would mean lower tax outgo...

Second...The opposite of trader is an investor...Here again the intention of purchasing is the key.....

One thing good that this circular has said is that a person can have two portfolios.....that he can be a trader in one set of shares and can be a investor for another set of shares....


and finally just for your information......CBDT circulars and not binding on the assessee but are binding on the department....therefore you can take out the beneficial portion from the circular and throw the rest away....
Reply With Quote
The Following User Says Thank You to diosys For This Useful Post:
smartboy1jan1982 (18th March 2010)
  #4  
Old 28th July 2007, 05:18 PM
Member
 
Join Date: Nov 2006
Posts: 14
Thanks: 0
Thanked 0 Times in 0 Posts
aharish_iitk is on a distinguished road
Default Re: Fire your tax related quieries and i would get it solved!!!

How are the losses or gains in the derivative market taxrd?

Thanks & Regards,

Harish Awasthi
Reply With Quote
  #5  
Old 28th July 2007, 09:40 PM
Member
 
Join Date: May 2006
Location: Kolkata
Posts: 1,073
Thanks: 3
Thanked 7 Times in 7 Posts
swagat86 is on a distinguished road
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by diosys View Post
What you had read is true.....It is our beloveds FM way to increase litigation even more....It would now be a cat mouse game between the department and the assessee....

See first let me inform you that this circular has two basis distinctions....

One....You may be called a trader....You may so be called if you have done heavy buying and selling....bet it intra day or not....it does not matter....what matter is the intention with which the shares were bought....If they were bought with an intention to keep them for the long term then they would not be trader and be classified as investor....If you are a trader then the income is chargeable to tax in the head of business and tax payable @ 30%....But there may be a benefit in it..........If you socks in hand which are lower than your cost then they would be valued at that and accordingly your closing stock would be less which would mean lower tax outgo...

Second...The opposite of trader is an investor...Here again the intention of purchasing is the key.....

One thing good that this circular has said is that a person can have two portfolios.....that he can be a trader in one set of shares and can be a investor for another set of shares....


and finally just for your information......CBDT circulars and not binding on the assessee but are binding on the department....therefore you can take out the beneficial portion from the circular and throw the rest away....
thanks for that Info
Reply With Quote
Advertisements
  #6  
Old 29th July 2007, 03:03 AM
Banned
 
Join Date: Jul 2004
Posts: 8,784
Thanks: 1,145
Thanked 13,330 Times in 2,393 Posts
Saint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond repute
Saint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond reputeSaint has a reputation beyond repute
Default Re: Fire your tax related quieries and i would get it solved!!!

Great going,Diosys!This thread will be of great help to many.....

All the best!
Saint
Reply With Quote
The Following 2 Users Say Thank You to Saint For This Useful Post:
Shravan Reddy (12th November 2009), smartboy1jan1982 (18th March 2010)
  #7  
Old 29th July 2007, 07:31 AM
Member
 
Join Date: Feb 2007
Location: Gujarat
Posts: 92
Thanks: 21
Thanked 28 Times in 17 Posts
DWeeP is on a distinguished road
Default Re: Fire your tax related quieries and i would get it solved!!!

I still have physical shares of companies such as ril, l&t, sbi, etc in name of my father, aunts. I want them in demat form in my name...
Now what is the best way- do i open a separate demat account for each name and then transfer to my name via electronic transfer?
or fill direct transfer form ?
as all will be reflected in my demat acc and hence pan card but not in my bank acc as we r the family members holding the shares, so no money is to be paid but the transfer is to be taken as buy/sell. and i ll have to pay brokerage if i go for direct transfer.
what will be tax in each case? the shares are held for more than 3 yrs so no CGT ?
Something like gifting the shares...or anything else would reduce/eliminate tax?
Reply With Quote
  #8  
Old 29th July 2007, 09:18 AM
Member
 
Join Date: Jan 2006
Posts: 17
Thanks: 4
Thanked 0 Times in 0 Posts
srisrini is on a distinguished road
Default Re: Fire your tax related quieries and i would get it solved!!!

Sir,
Thanks for your endeavour to clear our doubts.

Well. Assuming that F&O trades are treated as "business" by the department, how the turnover for tax audit is to be calculated.

It seems that almost all traders doing F&O trades would be in the tax audit net atleast as far as the department goes.

Thks & Rgs.
Srisrini
Reply With Quote
  #9  
Old 29th July 2007, 09:20 AM
diosys's Avatar
Member
 
Join Date: Sep 2006
Posts: 750
Thanks: 47
Thanked 455 Times in 316 Posts
diosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to all
Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by aharish_iitk View Post
How are the losses or gains in the derivative market taxrd?

Thanks & Regards,

Harish Awasthi
Dear Harish....

Taxing of Derivatives would be in the same manner as i have already described in my previous post....i.e. you would have to see if you are dealing in it regularly and with what intention....

Intention at the time of purchasing is the key to you being taxed in which head !!!
Reply With Quote
  #10  
Old 29th July 2007, 09:29 AM
diosys's Avatar
Member
 
Join Date: Sep 2006
Posts: 750
Thanks: 47
Thanked 455 Times in 316 Posts
diosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to alldiosys is a name known to all
Cool Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by DWeeP View Post
I still have physical shares of companies such as ril, l&t, sbi, etc in name of my father, aunts. I want them in demat form in my name...
Now what is the best way- do i open a separate demat account for each name and then transfer to my name via electronic transfer?
or fill direct transfer form ?
as all will be reflected in my demat acc and hence pan card but not in my bank acc as we r the family members holding the shares, so no money is to be paid but the transfer is to be taken as buy/sell. and i ll have to pay brokerage if i go for direct transfer.
what will be tax in each case? the shares are held for more than 3 yrs so no CGT ?
Something like gifting the shares...or anything else would reduce/eliminate tax?
Dear Dweep....

It does not matter how you transfer....there would be no tax impact on you relatives as there is no SALE.....In income tax to pay capital gain there has to be sale....it is gifting hence there is no capital gain....that is clear from there angle...

When you sell then the cost of the original purchaser becomes your cost....
Reply With Quote
Reply

Bookmarks

Tags
income, queries, solution, tax, taxation


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 04:19 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 12:48 PM.

Indemnity, Disclaimer & Disclosure Notice:
* By visiting Traderji.com you automatically indicate that you agree to our Forum Rules, Indemnity, Disclaimer & Disclosure Notice and General Content Disclaimer Notice and indemnify Traderji.com, its associates and related parties of all claims howsoever resulting from the usage of the forum/site.
* 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. You are recommended to make appropriate enquiries and seek appropriate advise before sending money, incurring any expenses, acting on recommendations or entering into any commitment in relation to any advertisement published here. Traderji.com does not vouch for any claims made by the advertisers of products and services. Traderji.com will not be held liable for any consequences in the event such claims are not honoured by the advertisers. Traderji.com will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of any information by anybody mentioned anywhere on this site.
* 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 or legality of any 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. Although we constantly delete all irrelevant content and/or SPAM, if you should 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.
 


Our Partner Websites: www.chittorgarh.com, IPO Investment Portal | www.topsharebrokers.com, Broker Comparision
Copyright © www.Traderji.com 2001 - , All rights reserved.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271