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

[crusader]

Looks like this thread is dead.. :-(

 

[suresh9928]

Dear sir,

i invested Rs.3 lakhs in MLM company which is closed in very short period. I didn't get a single rs. however , taking a loan , i amtrading in F&O & earning some profit. Can i set up these Rs. 3 lac as a loss as business income or adusting in my f&O profits..? pl. guide..

 

[rahulskr]

hi friends

can anyone please advice me how income from F&O taxed? is it flat 33.33% or according to the income tax slabs? also what deductions can i claim?

thanks..

 

[deepakji]

Hi!
I am trying to fill up ITR4 form in the excell utility for day trading profits as follows:

Filling up ITR4 FORM using Incometax Excell Utility for Day trading Profits and Losses.

Begin with Part Part A-P & L Item 51 No account Case

1.Day trading Profit in Equity(Speculation): 9445
2.Day trading Loss in Equity(Speculation): 12048
3.Therefore Fill up Gross Receipts ITEM 51 a as 1+ 2 :21493
4.Fill up Gross profit b9445-12048) : -2603
5.STT STAMP ETC not deducted as expenses for day trading.
6. Excell calculates Net profit Item 51 d : -2603

Now go to Schedule BP Computation of income from Business or profession

7. Schedule BP Item A 1 Profit before tax gets automatically filled up as -2603
6. Fill up Item A 2 in schedule BP as -2603 Since there is a loss.

Can you please confirm if the whether Gross receipts above is correct.

 

[Ravikumarg]

Hi Team,

I would like to file tax related to my trading transactions for first time.

Everyday my profit including equity,F&O is 1500/-. I am doing only intraday, no delivery.


1.Now under which section i need to file "capital gains or business" ?
How much tax it will be, if I file under capital gains and how much it will be if i filed under business?

2.Brokerage and software costs can show as lose?

3.bank will give value tax returns filed me compare to salaried class person returns?

4.With these returns can i apply for new creditcard or loan ?

Thanks for your time

 

[bugs3003]

Hi billgates,

Even I have faced the same situation.
have you been able to get a workaround???
If not, then how have you filed your return?

 

[record]

Hi,
I am paying income tax at 30% tax slab. I am also trading in NSE share market and paid STT service transaction tax, brokerage,stamp duty and other charges.

I have following income tax clarification. Could you please clarify my queries?

1) I have received 1:1 equity bonus shares. Actually it is split of actual shares. Share value become after issuing bonus.
Example : XYZ company issues 1:1 equity bonus shares. Before bonus share value was Rs. 210/each after bonuse amount become Rs. 105/each
Is this amount is taxable? What is the percentage of tax.

2) I have received dividend for equity shares. Is the dividend amount taxable? What is the percentage of tax?

3) I bought some share with some rate and sold less rate in FY 2010-11. Example bought 100 for 80/each and sold 100 for 60/each.
Means 8000-6000 = 2000 loss. Is it possible to substract 2000 from my taxable income (I am in 30% tax slab)

4) I bought some share with some rate and due to less current market price I did not sell same financial year, ie FY 2010-11 and kept in my demat account.
Example bought 100 for 80/each = 8000. Is it possible to substract 8000 from my taxable income?

5) I have also paid following charges
Brokerage charges
Transaction charges
Security Transaction Tax (STT)
Education Cess(2%)
Higher Education Cess(1%)
Stamp Duty
Demat charges for IL&FS & NSDL
Internet charges
Share buy/Sell tips subscription charges

Is it possible to substract all the above charges from my taxable income?

6) Can I deduct Trading, Demat account opening charges, Annual Maintainance charges from taxable income?

7) What is short term capital gain income tax % for FY 2010-11?

Thanks in advance

 

[vishakt]

Hi Guys,
I need a help in understanding which form should be filled for IT return -
If I have income from the following sources (1) Salary (2) Long term Capital Gains (3) Short term capital gains (4) Margin Trading (intraday) (5) F&O trading income. Which ITR form should I fill? Also, how many years we can carry forward the losses from these.
Any inputs will be highly appreciated. Thanks in advance!
Pillai

 

[TFL]

Hi hari,
If you get step by step guide from anywhere please put it here so all can use it.

Regards
VJAY

Hi VJAY,

Ref:
http://www.traderji.com/taxation-ma...x-related-quieries-i-would-get-solved-53.html

Are you still in search for the solution?

Hari

 

[Snooper]

Hi ,
Please help me regarding these questions and i am filing my return first time, so please give the answers in simplest form.
First of all i have losses in all the four segments:
i)Margin Trading
ii)Intraday
iii)options
iv)future
I am a software engineer by profession and trade using ICICI direct.
Now my questions are:

1.I did not understand the concept of turnover in f&o in tax calculations.
2.How could i differentiate the losses from intraday,Margin and general loss be selling stocks after 3 4 months in ICICI direct .
3.What is the code of software professional in profession segment of ITR 4

Thanks in advance