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

[diosys]

If that is the case, then can we set off the business expenses incurred from the profits we made.(eg:data provider fee, computer cost, traveling expense to broker or internet connection charge)

Thank you for the effort diosys!!!

Yea you can avail the deduction of all such expenses plus your tax payable can also be adjusted against the STT paid by you...

One biggest advantage is that the closing stock as on 31st March can be valued at lower of cost or market value...

Suppose you bought 100 Financial Technology for 2500 and on 31st March the value is 2300 then you can value your closing stock as 2300 and not 2500 thus saving tax on 200 /-...

 

[diosys]

Dear Boarders,

A very important SC judgment has come stating that all those people who had filed there income tax returns in Saral form would be compulsorily required to file their returns in the new ITR forms others penalty consequences might follow....The due date for the same has been extended till the 29th of February....

So contact your advocate / CA for the job or

PM me for the details as to how i can help you with the same for a very reasonable fees (much lower than your lawyer or CA)

 

[ankeetpatel]

hi,

i have query abt income tax as i m working in MNC compnay at bangalore and getting 4.3 lacks package but i have invetsed 1 lack rupees as declaration and i am getting Exemption on that

still i am paying 2000 tax per month. can any one tell me how can i save this TAX

 

[diosys]

hi,

i have query abt income tax as i m working in MNC compnay at bangalore and getting 4.3 lacks package but i have invetsed 1 lack rupees as declaration and i am getting Exemption on that

still i am paying 2000 tax per month. can any one tell me how can i save this TAX

Dear Ankeet,

Seeing the salary structure given by you, I cannot give you a concrete reply as to how you would be able to save this tax....Though in my view it would not be possible to do tax planning....there is a very thin line between tax planning and evasion...So please be on tax planning side...

Seeing you package of 4.3, Rs. 2000 per month is a very meager amount...plus if you still want some advice then put up your detailed salary breakup for me to study....

 

[pons]

dear diosys
I am a govt servant. I am trading in market in my wife"s name. I invested 2.7 lakhs in market from april 07 onwards in step by step. Frequenty I changed my portfolio. Now its value is 4.2 lakhs. In my trade i made profit as well as losses,
What is the tax implification. My wife has not having any other income. she is housewife.
awiting for your replay
Thanks.

 

[ashishdewan1010]

Hi
This is my first year in job
I want to invest 30 thousand rupees in tax saving mutual funds
I have shorthlisted a few Can u guide me which one are best bets for next three years

-SBI Magnum (NAV 65)
-HDFC taxsaver (NAV 200)
-ICICI Prudential (NAV 121)
-Sundaram Tax saver (NAV 44)
-DSP Merrylinch (NAV 18)

Also there is a new SBI tax saver fund being launched this Jan. Will that be a better bet than already existing Magnum which has a NAV of 65

 

[diosys]

Hi
This is my first year in job
I want to invest 30 thousand rupees in tax saving mutual funds
I have shorthlisted a few Can u guide me which one are best bets for next three years

-SBI Magnum (NAV 65)
-HDFC taxsaver (NAV 200)
-ICICI Prudential (NAV 121)
-Sundaram Tax saver (NAV 44)
-DSP Merrylinch (NAV 18)

Also there is a new SBI tax saver fund being launched this Jan. Will that be a better bet than already existing Magnum which has a NAV of 65

Dear,

I personally invest in SBI magnum tax gain..... The problem with the new fund being offered by SBI is that it has a lock in of 10 years !!!!! which according to me is veeeeeeeerrrrrrrrrrrrrryyyyyyyyyyyy long... Hence i would not suggest you the same...

One thing please make it very clear in your mind relating to Mutual fund investing...NAV high or Low does not have any effect on the performance of the fund.... IT IS ULTIMATELY THE PERFORMANCE THAT WOULD MATTER.... Hence stop seeing the NAV of the fund... SBI magnum tax gain has one of the most experienced team backing them and should be a very consistent performer... I myself have atleat 70% of the tax saving investment in the same...

I am attaching the form of SBI magnum tax gain for your benefit....Invest in this one...

Plus i can get it cheap for you... PM me for the details...

 

[ashishdewan1010]

Thanks a lot dear
I support the fact that NAV does not reflect the future performance of the fund.

I was not able to open the form in my office.
I have thorught of going diversified with 10k in three funds -SBI, HDFC and any other as third one.

 

[hometypist]

Dear Hometypist

Dont worry there is nothing here that would hurt you......These sort of transactions are correct from Income tax point of view...

Nevertheless to be on the most safe side the option of getting a letter from the company is not a bad idea....

Thanks Diosys for patiently answering our queries on taxes.

 

[Aman1]

do I need to submit copies of contract notes with my tax return? and also when should i deposit my short term capital gains tax ? or will my broker(icicidirect.com) deduct it from my profit.

thanks
aman1