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

[canikhil]

As I know, Civil Service (Conduct) Rule prohibits an employee to involve in business activities.

kindly understand the difference between business persay and a mere treatment of a certain activity as business under income-tax.

 

[canikhil]

the only CCS rule i know is that bans speculative trading in shares and debentures. derivatives by very definition of 43(5) are non-speculative!

http://dpe.nic.in/important_links/dpe_guidelines/personnel_policies/glch2gindex/glch02g14

 

[candle]

Need Guidance Please.

Dear Sir,

This is regarding the value of perquisites.

As Fringe benefit tax had been abolished by SC, value of perquisites are being added to gross salary by the employer in order to calculate the income tax liability.

I am working in a PSU, am provided a non-furnished accommodation from my employer for which I am paying license fee and also I have to loose my HRA due to company provided accommodation. I am living in a metro.

My querry is that -" do I need to add 15% of my salary to my gross income in order to calculate my income tax liability ( as the value of perquisites)?"

What I believe is that - " Since I am giving up my HRA ( 30% of basic) and paying license fee for the non-furnished accommodation I have got, it will not be considered as rent free accommodation. Hence 15% amount should Not be added to my salary to calculate the income tax." I don't know my understanding is right or not.

Kindly guide.

regards

 

[register1803]

Hallo sir I have notified by the income tax department to file my return for FY13-14 so I have contacted my broker and asked for statement for the following year they have demanded money for it and I have it to them but instead of statement they send me ledger details of that year now I am facing difficultly in differentiating all my trades and profit and loss what should I can do now

 

[canikhil]

Hallo sir I have notified by the income tax department to file my return for FY13-14 so I have contacted my broker and asked for statement for the following year they have demanded money for it and I have it to them but instead of statement they send me ledger details of that year now I am facing difficultly in differentiating all my trades and profit and loss what should I can do now

Didn't you receive the daily contract notes?

 

[manu506]

I am new in trading world. And started trading just a year back and didn't know about tax much. So I have some queries, if you can answer me, it'd be really helpful for me.


I don't have any job or any business. I am just a student. And my father is salaried employee. So I took 5 lacs from him, which I used for trading in future segment.

Because of this, I am in doubt.
Do I need to show 5 lacs in my income tax filing as income from other source or not?

I have made some money around 1 lacs till now and my future turnover is around 11 lacs (Based on zerodha). So do I need to pay income tax on this 1 lacs income or this would be considered as my father's income and he need to pay income tax?

And I have some spent some money in trading workshops, internet bills etc., can I count them also when filing income tax?

I have loss around 1 lacs in my trading account and 2 lacs in profit. So net profit is 1 lacs. Can I carry forward my loss of 1 lacs in belated tax filing?

Thanks in advance.

 

[canikhil]

I am new in trading world. And started trading just a year back and didn't know about tax much. So I have some queries, if you can answer me, it'd be really helpful for me.


I don't have any job or any business. I am just a student. And my father is salaried employee. So I took 5 lacs from him, which I used for trading in future segment.

Because of this, I am in doubt.
Do I need to show 5 lacs in my income tax filing as income from other source or not?

I have made some money around 1 lacs till now and my future turnover is around 11 lacs (Based on zerodha). So do I need to pay income tax on this 1 lacs income or this would be considered as my father's income and he need to pay income tax?

And I have some spent some money in trading workshops, internet bills etc., can I count them also when filing income tax?

I have loss around 1 lacs in my trading account and 2 lacs in profit. So net profit is 1 lacs. Can I carry forward my loss of 1 lacs in belated tax filing?

Thanks in advance.

1. Whether the money you took is income or not, shall depend on whether it can be shown as a loan repayable at a fixed period of time.

2. Yes you can cover the payments made as expenses

3. You cannot carry forward current year's loss in belated tax filing. Nevertheless, you should still file the return.

 

[elwavetrader]

1. Whether the money you took is income or not, shall depend on whether it can be shown as a loan repayable at a fixed period of time.

2. Yes you can cover the payments made as expenses

3. You cannot carry forward current year's loss in belated tax filing. Nevertheless, you should still file the return.

Sir,
Is it mandatory for a trader to file IT return even if his income from trading is below exemption limit (profits being more than 8% of TO)

 

[canikhil]

Sir,
Is it mandatory for a trader to file IT return even if his income from trading is below exemption limit (profits being more than 8% of TO)

No. It is Not at mandatory all. However, it is advisable to do so. This helps in ensuring that each of your income is reported to the tax department. Helps you when you are looking for bank loans etc.

 

[shravank30]

No. It is Not at mandatory all. However, it is advisable to do so. This helps in ensuring that each of your income is reported to the tax department. Helps you when you are looking for bank loans etc.

Trading in FNO is business income and so he has to file a return irrespective of the profit or loss
He can file under presumptive profit but he has to do it
File before 31st March to avoid penalty