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

[magnet]

I want to know for FY 2010-2011 march 2011 salary which is credited in a/c in 01-apr-2011, will be consider as 2010-11 salary or next financial yr income in terms of income tax calculation . also if payroll cycle is 21-20 of each month and salary credited to each month on 1st, then march month salary will be treated of which FY salary for income tax calculation.

I am not sure but for salary people accrued system is used.Its sure you will receive salary also its known how much hence you have to pay advance tax hence even it dosnt matter whether it comes in next month.Its added as accrued and hence have to be calculated in same financial year.Though i am not sure as i have no CA background but 75% sure.

 

[zackhasit]

I am an NRI . I have invested in mutual funds in India. I get capital gains as well as dividends in Indian Mutual funds. As I understand mutual funds dividends and capital gains are not taxed in India. So do I need to pay taxes on them in USA ?

 

[PitBull]

I have a complicated situation. I can receive a large block of shares from my parents. I want to get rid of these shares and reinvest in shares of my choosing.
Will I have to pay short term capital gains tax on this if I sell within a year of receiving?
I have a strong feeling I will have to pay capital gains tax on the entire sale amount as my purchase price will be zero and I don't want to wait for a year to realign this portfolio.

My main bother is the shares are in physical format and in both parents names as well as jointly. So transacting on these entails opening a minimum of 3 brokerage/demat accounts and trading on them.

 

[SCION]

I am no CA(hence caution),but the better way to this is to get rid of the shares in your parents name first(as long as they do not fall into short term capital gains) and when they get the cash they transfer the cash to you as a gift.There is no tax from parents to kids on gift's.....
All the best.

I have a complicated situation. I can receive a large block of shares from my parents. I want to get rid of these shares and reinvest in shares of my choosing.
Will I have to pay short term capital gains tax on this if I sell within a year of receiving?
I have a strong feeling I will have to pay capital gains tax on the entire sale amount as my purchase price will be zero and I don't want to wait for a year to realign this portfolio.

My main bother is the shares are in physical format and in both parents names as well as jointly. So transacting on these entails opening a minimum of 3 brokerage/demat accounts and trading on them.

 

[mmca2006]

I want to know for FY 2010-2011 march 2011 salary which is credited in a/c in 01-apr-2011, will be consider as 2010-11 salary or next financial yr income in terms of income tax calculation . also if payroll cycle is 21-20 of each month and salary credited to each month on 1st, then march month salary will be treated of which FY salary for income tax calculation.
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In my view ,you should add salary of March 11 i.e salary for the period April10 to March 11 will be computed. Though you have received it on 01/04/11 , it is actually accrued on 31/03/11.
just noticed the query , and it is a late reply , donot know it will help you or not.

 

[lvgandhi]

Form 15H is for senior citizens or above 65 years? Now as per this years income tax act age is reduced to 60 years to qualify for senior citizens.

 

[mmca2006]

Form 15H is for senior citizens or above 65 years? Now as per this years income tax act age is reduced to 60 years to qualify for senior citizens.

It should be for senior citizen starting from 60, however clarification required from the department.

 

[jessica_30]

This thread is very useful. I am happy that a good person is really trying his best to answer all tax concerns. All the things posted are really helpful to tax payers like us. Good job.

 

[crusader]

^^Pretty much my problem as well. Can we show the FnO losses as capital loss and move on rather than showing it as loss in business?

Also, I have another question : I had some shares of my company through ESPP (Employee Stock Purchase Plan) and I made good profit by holding it for around 6 months. All the transactions were in NASDAQ and the money involved was dollars. And as far as I know, it was not TDS'ed since the company was not involved in the transactions. So, under which section should I show this and what would be the rates?

 

[heartshacker]

If I move to outside india for long time, then is it required to submit tax? As I have to pay tax at other country also.

If I send money to my account on quarterly basis then how do I show that?