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  1. C

    Query about 10 lakh high value stock transaction

    this applies to scrip level purchase but through a financial year. so if you buy reliance shares in excess of Rs 10 lakhs in a year, the company will report the same to Income-tax department.
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    Due date for Tax Audit Report Submission is 15 January 2021

    Dear All, This is a quick update for everyone. Please note that the due date for submission and acceptance of Tax Audit Report for AY 2020-21 is 15 January 2021. The 15 February 2021 is due date only for tax return. Kindly take note of the above as late filing of Audit report attracts a...
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    Fire your tax related queries and i would get it solved!!!

    no. Filing of the return is not compulsory in this case.
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    Assessment officer opening your file

    they can open every year. the probabilities are not that high.
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    Fire your tax related queries and i would get it solved!!!

    yup. something like this.
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    Fire your tax related queries and i would get it solved!!!

    your capital balance should be used as a "balancing Figure." ie trading assets minus other trading liabilities.
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    Fire your tax related queries and i would get it solved!!!

    you can leave exempt income out of the balance sheet. Ideally, balance sheet and P&L should be restricted to business activities only. Unless and until you are classifying shares held as inventory, there is no need to include dividend income in P&L and consequently in Balancesheet.
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    Fire your tax related queries and i would get it solved!!!

    Purchases data has to be shown in the manner similar to sell side data. Accounts maintenance has to be yes. With regards to intra-day profits, for equity based transactions, it has to be shown as speculative. Section 73 does not determine whether a transaction is speculative or not. For that...
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    Fire your tax related queries and i would get it solved!!!

    see the trading account. The sell side data has been shown correctly. But buy side is wrong.
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    Fire your tax related queries and i would get it solved!!!

    just reviewed the file. It is not correct.
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    CA for ITR filing - F&O

    same here. can you send me an email at [email protected]
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    CA for ITR filing - F&O

    Hey, you can DM me for detailed conversation on this. CA Nikhil
  13. C

    General Trading Chat

    there is no GST on salary.
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    General Trading Chat

    not sure what you meant. Not many employed persons really have the option of converting their salaries position into a "business position". Also it leads to the following issues that you really do not account for: 1. Employment also leads to social securities such and PF, ESI, Pension etc. Most...
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    General Trading Chat

    Honestly, I would not read too much into these slogans etc. Problems are simple: 1. This government says one thing and act in diametrically opposite manner - every day we see unnecessary notices and assessments being opened up; 2. The whole system is built on lack of trust - This government...
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    Fire your tax related queries and i would get it solved!!!

    still not significantly beneficial to trade in corporate structure as you have Dividend distribution tax applicable in company structure. LLP sits in the middle of the tax structure. if lower taxe rate is applied to LLPs too, it would be greatly advantageous to shift trading to a LLP structure.
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    Fire your tax related queries and i would get it solved!!!

    If you have become non resident, then just file the return as "accounts case". Audit may apply or not, depending on your other incomes and turnover.
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    Fire your tax related queries and i would get it solved!!!

    I believe somewhere else you have also mentioned that your tax status is NRI. In the given circumstance, TDS should apply at 30% (assuming the loan has been given in INR and not in a foreign currency). In case the loan has been given in foreign currency, the TDS rate shall be 20%. The above...
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    Answer for Taxation Queries

    we are primarily using 13010.