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  1. S

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

    You have to understand the basics of accounting You have made a loss of 1 lakh and a profit of 2 lakhs, both in FNO So automatically the loss is adjusted against the profit. You cannot isolate the profit and loss and you have to offset against each other if they are in the same category. If...
  2. S

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

    Trading in FNO is business income and so he has to file a return irrespective of the profit or loss He can file under presumptive profit but he has to do it File before 31st March to avoid penalty
  3. S

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

    1. ITR 4 2. Depending on the number of transactions, ITR 2 or ITR 4 3.Carried forward losses are allowed to be shown in both the ITRs. Use the Excel utility ITR for filling the form. Its quite simple and if you have basic commercial acumen, you should be able to do it. Else get hold of a CA...
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    Fire your tax related queries and i would get it solved!!!

    After a persons death, no further transactions can be done in his bank, demat or broker account As such the wife will have to open a new demat account in her name as well as a broking account and then sell the shares She can avoid opening a broking account and do a offmarket transfer, but in...
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    Fire your tax related queries and i would get it solved!!!

    Transfer of shares from Wife to husband without any consideration is a gift This entails provisions of clubbing of income. Please consult a chartered accountant Your delivery based trades i presume are in different scripts so 20 trades are not too many and you can claim STCG on the same safely
  6. S

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

    I am from Bangalore and can help you out
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    Fire your tax related queries and i would get it solved!!!

    The penalty MAY be imposed under Clause 271B of the Income Tax act wich is 0.5% of the turnover or Rs 1.50 lacs, whichever is less Section 271B confers discretionary power upon Assessing Officer to impose penalty, as the word used in the section is 'may' . * Besides above, section 273B...
  8. S

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

    If you have stock market trades, filing of returns is advised even if not compulsory (Not sure of rules) The form to be used will depend on your trades
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    Fire your tax related queries and i would get it solved!!!

    In that case file your returns without auditing. Declare all the income honestly. Do not hide any income. In the worst case scenario also, you may have to get your accounts audited in case you receive a notice from the department but no penalty should be levied.
  10. S

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

    AS F&O Trades are business income, you have to file a income tax return regardless of the profit, loss or turnover. Having more then 8% profit and less then 1 Cr Turnover, will save you the money and hassle of getting your accounts audited. Use the ITR4 Excel utility available free from the...
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    Fire your tax related queries and i would get it solved!!!

    Nothing about taxation is based on common sense. IT Department works in mysterious ways. Leaving that aside, what is your other source of income? Are you going to adjust this loss with any other profit or it will be written off ? Do you have other Equity trades also ?
  12. S

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

    Technically speaking even 1 trade requires that you have an audit done if the profit is less then 8% of the turnover. However, as you have done so few trades, you can take your chance and file your return without an audit done. Most probably, your return should be accepted. I am presuming that...
  13. S

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

    http://www.lawyersclubindia.com/forum/default.asp#.UtjukhCSzfI
  14. S

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

    This thread is related to share market taxation Please move the query to another topic and maybe even other forums like legal forums
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    Fire your tax related queries and i would get it solved!!!

    Who fills the cheque is immaterial. The correct Name, Date filled by anyone and geniuine signature of the account holder is important. In a company, the accountant prepares the cheque and the owner or partner signs it. Is it illegal ? A blank cheque can be misused in 100 ways which can land you...
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    Fire your tax related queries and i would get it solved!!!

    Please note that even if you have tax free income under presumptive income, you are required to file your return and show the same as zero tax liability. You do not have any exemption. As an FNO Trader you cannot use the presumptive income route to the best of my knowledge because in that case...
  17. S

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

    Its not a silly question but a criminal one When you can live a peaceful life by paying a small tax, why do you want to avoid it? Moreover, There are 100 of legal ways to avoid paying taxes instead. You can trade in the name of your wife or parents in case they do not have any income and...
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    Fire your tax related queries and i would get it solved!!!

    Speculation income is not like lottery crossword etc. There is no fixed income tax. It is added to your taxable income and you taxes as per the slab you fall in after adding all your source of incomes and allowable deductions Example your salary 2 lakhs speculation income 1 lakh total 3...
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    Fire your tax related queries and i would get it solved!!!

    You have to add the speculation income to your salary income and based on the slab you fall in, you have to pay the tax. It is not compulsory for you to give this detail to your office. It is better that you add the speculation income to your salary income and pay the tax directly without...