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

Are you able to understand the replies and act accordingly to this thread ??

  • Yes, able to understand BUT NOT able to take suggested course

    Votes: 0 0.0%
  • Somewhat able to take desicions, BUT seek professional help in my area

    Votes: 0 0.0%
  • Find it tough to understand the replies hence always seek other professional help

    Votes: 0 0.0%
  • Not able to understand any of the replies !!!

    Votes: 0 0.0%

  • Total voters
    4
  • Poll closed .

aditya14

Well-Known Member
Yaha pe aisi thread dekh ke ek hi baat keh sakta hu:
Nobody here has filed ITR-4 as no one has made any profits or people have filed their returns hiding any profits.Most probably as I have seen here in many threads is people keep doing paper trading there is nobody making money trading here in Traderji(Sad fact but true).

If anyone refutes that claim then I want to issue "open challenge".Rules of challenge to person who accepts.
 

jamit_05

Well-Known Member
There is a unique discrepancy.

I was expecting that the income showed by the Global report be same as income showed by the ledger that the broker provides (of course, after removing other charges and deposits).

But that is not tallying. Am I wrong in the assumption or should I question the Broker?
 

bthakwani

Well-Known Member
hello friends,

while reading about advance tax i came up with this thing where i have to estimate my income for the whole year and then by the 15th of september, pay atleast 30% of the tax acc to that income..

now lets assume i estimate i will make 10 lakh this year.. and pay advance tax (15th sept. wala) acc to that..

and then in oct or november hit a few jackpot options trades and now i think my income for the whole year would be much more.. lets say 25 lakh..

in that case the advance tax paid in september will be less than 30% of the tax that will be applicable on my new estimated income..

then what happens??
 
hello friends,

while reading about advance tax i came up with this thing where i have to estimate my income for the whole year and then by the 15th of september, pay atleast 30% of the tax acc to that income..

now lets assume i estimate i will make 10 lakh this year.. and pay advance tax (15th sept. wala) acc to that..

and then in oct or november hit a few jackpot options trades and now i think my income for the whole year would be much more.. lets say 25 lakh..

in that case the advance tax paid in september will be less than 30% of the tax that will be applicable on my new estimated income..

then what happens??
Heavens will not fall
You pay the updated tax amount @ 60% taking into account 25 lakh profit when you pay the next installment in December 15th deducting the amount paid in September

At the end of the year you may have to pay interest on the shortfall of the tax paid for the period of 3 months, but no penalty will be levied for the same
If you use the ITR utility, it will automatically add the interest to your taxes and tell you how much you have to pay before filing the return
 
Hi,

This is my first post here at traderji.com, and I want to thank all of you for making such a great site.

I have recently started Intraday trading (equity only). I have no interest in any other type of trading.

I have a couple of questions for the experts:

- How do I declare myself as a trader for IT purposes?
- Can I deduct cost of computer and Internet from Income tax? I will be buying a computer and upgrading my internet services for this purpose only.
- Is there any Tax consulant/advisor in Pune/Mumbai area who specializes in day trading? I am looking for one who can take care of the tax part of the trading. I am from Pune and would prefer someone from traderji.com :)

Thank you in advance and have a great day!
 
Last edited:
Hi,

This is my first post here at traderji.com, and I want to thank all of you for making such a great site.

I have recently started Intraday trading (equity only). I have no interest in any other type of trading.

I have a couple of questions for the experts:

- How do I declare myself as a trader for IT purposes?
- Can I deduct cost of computer and Internet from Income tax? I will be buying a computer and upgrading my internet services for this purpose only.
- Is there any Tax consulant/advisor in Pune/Mumbai area who specializes in day trading? I am looking for one who can take care of the tax part of the trading. I am from Pune and would prefer someone from traderji.com :)

Thank you in advance and have a great day!
What is your main source of Income ?
To declare yourself as Trader for IT purpose, you have to regularly file return in ITR 4 and show all the shares you hold as Stock in trade and not as investment.

You can claim the depreciation on the computer and internet charges and some electricity charges etc. also from your total income

Equity day trading falls under speculation income so its very simple to calculate.
I dont think you would need a CA to do the tax calculation for you unless the trades are voluminous

Cheers
 
Dear i am intraday trader in stock market. From 2009 to till i never submitted it return as i think i have each year loss. But my total TURNOVER of year is more than 2 crore each year from 2009. So is their any requirement to submit any document to Incometax dept. I have no profit any year.
Before 1 month their is notice from Tax dept for "Non filing of Income tax return" from 2009.(Information code :- CIB-321, Description :-Share transaction 20000 or more)
After consultaion from local consultant, I send reply of "Non taxable income fro 2009-2010,2010-2011,2011-2012.
On same website i read that for Intraday trader their is no requirement of to do Audit, which is required only for derevative trader.

From 2012 i am Senior Citizon.
Please help, any TAX AUDIT required if their is loss??
Is their panelty for 2009,2010,2011,2012?
please i am under very big tension ...pl guide me.
URGENT
 

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