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

[Eclispe]

that applies only to domestic companies. Refer to the slab rates for the individuals.

Exploring further on this, will it be possible to form a LLP or a Pvt Ltd company and trade there to attract corporate tax and not individual tax rate.

Or would a "Corporate" definition only include Public Listed companies.

Solicit your views on this.

 

[canikhil]

LLPs not covered. You can form a Pvt Ltd. But the cost of compliance plus the dividend distribution would make the process useless.

 

[superman]

The extension date till Aug 31st applies to those who need to file ITR3 also? (Those having F&O trades and salary unaudited )

 

[Traderd]

Audit is compulsory for all F&O traders from this year ?
Or applies only to certain bracket ?

 

[canikhil]

Audit is compulsory for all F&O traders from this year ?
Or applies only to certain bracket ?

no change in applicability of tax audit from last year.

 

[Eclispe]

LLPs not covered. You can form a Pvt Ltd. But the cost of compliance plus the dividend distribution would make the process useless.

Ok, Thank you once again for your answer.

 

[gregferns]

Sorry if anyone has already replied to this query... Haven't really searched..

I started trading from aug 2018.... Mostly it has been loss... So do i have to show the total turnover in the ITR form etc and pay tax on that?

Also i was resident till may 2018.. so i have Indian salary only for march and April 2018... After that I'm nri (although i was trading with resident account)...
I haven't closed the resident trading account although i longer trade in it..

Will help if anyone can advise...

Thanks in advance...

Greg.


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[Eclispe]

I am planning to give 4 Lacs loan to a cousin who is starting automotive spare parts shop and service centre. He will pay me interest at the rate of 12% per year (so interest is Rs 48,000 for the year). My question is does he have to deduct TDS at 10% (i.e. Rs. 4,800) and pay me balance amount Rs. 43,200 (i.e. Rs. 48,000- Rs, 4,800) or he does not have to deduct any TDS?

 

[Eclispe]

Any advise on the above pls.

 

[Smart_trade]

I am planning to give 4 Lacs loan to a cousin who is starting automotive spare parts shop and service centre. He will pay me interest at the rate of 12% per year (so interest is Rs 48,000 for the year). My question is does he have to deduct TDS at 10% (i.e. Rs. 4,800) and pay me balance amount Rs. 43,200 (i.e. Rs. 48,000- Rs, 4,800) or he does not have to deduct any TDS?

As per my understanding any interest above Rs 10,000 in a year will attract TDS.Your cousin will have to deduct TDS and deposit with Govt.and issue a tax deduction certificate to you.

Smart_trade