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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.

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...

no. Filing of the return is not compulsory in this case.

they can open every year. the probabilities are not that high.

yup. something like this.

your capital balance should be used as a "balancing Figure." ie trading assets minus other trading liabilities.

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.

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...

see the trading account. The sell side data has been shown correctly. But buy side is wrong.

just reviewed the file. It is not correct.

same here. can you send me an email at [email protected]

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

there is no GST on salary.

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...

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...

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.

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.

it is not correct.

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...

we are primarily using 13010.