Fire your tax related quieries 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

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  • Total voters
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  • Poll closed .
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
Thank you for your views.

I was also of the same understanding, however he told me that his business will be a small business and the turnover will be less than what is needed for audit, so in such cases he said that he will not have to deduct TDS. Only if his business is audited then TDS has to be deducted he said. I don't know if he is right since he is advised by an accountant whose knowledge levels I am not fully sure of.
 
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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Can anyone share their views on this please?

EDIT.... SEARCHED AND DIDN'T FIND.. BUT THAT'S OK...

Sent from my POCO F1 using Tapatalk
 
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.


Sent from my POCO F1 using Tapatalk
and you think that, someone should reply your one liner, without any detail.
"I started trading from aug 2018"
and you think just writing a word trading is sufficient for a reply

trading, but trading what,
- equity
- derivatives,
if derivatives, then what
futures
or
options
if options, then what
buying first
or
writing first

as calculation for turnover will be different for all these

and now you are in loss, then more info is required, like total turnover, your other income from other sources (beside your Apr 18 salary) etc. (if any)

Further, another point, you are now an NRI.

BTW, what one should conclude, from this sentence
"I haven't closed the resident trading account although i longer trade in it.."
perhaps missed a 'no' before longer
 
Some of my friend is filling itr2 and showing profit from fno as short term gain. Is this correct way of filling the tax return

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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
Thank you for your views.

I was also of the same understanding, however he told me that his business will be a small business and the turnover will be less than what is needed for audit, so in such cases he said that he will not have to deduct TDS. Only if his business is audited then TDS has to be deducted he said. I don't know if he is right since he is advised by an accountant whose knowledge levels I am not fully sure of.
@canikhil

Request your views on this pls. Also as per my cousin he said he is going to take this loan in Individual capacity (Proprietor of the shop). I have to decide on giving loan to him urgently as he is relying on me. But I wanted to be double sure about the TDS on interest part (whether deductible or not deductible) before giving him the loan.

Thanks.
 
@Eclispe

well, IMO, TDS is not applicable in case of an individual, (but not sure as rules keep on changing)
btw, even if TDS is applicable, even then no issue to you, as he has to issue a tds certicate, if he deducts tax.
 
@Eclispe

well, IMO, TDS is not applicable in case of an individual, (but not sure as rules keep on changing)
btw, even if TDS is applicable, even then no issue to you, as he has to issue a tds certicate, if he deducts tax.
Thank you for your view.

One thing I missed stating is that my status is of NRI, so I am bit hesitant to get into this.

As you mentioned about Individual do not need to deduct TDS, same thing was told by him since he said that he is starting a shop which will not be audited. But then some other people told me that TDS will be deducted. So this confusion.
 
Thank you for your view.

One thing I missed stating is that my status is of NRI, so I am bit hesitant to get into this.

As you mentioned about Individual do not need to deduct TDS, same thing was told by him since he said that he is starting a shop which will not be audited. But then some other people told me that TDS will be deducted. So this confusion.
Bro, I am not aware of IT rules applicable for NRIs. as I am not a tax expert.
 
and you think that, someone should reply your one liner, without any detail.
"I started trading from aug 2018"
and you think just writing a word trading is sufficient for a reply

trading, but trading what,
- equity
- derivatives,
if derivatives, then what
futures
or
options
if options, then what
buying first
or
writing first

as calculation for turnover will be different for all these

and now you are in loss, then more info is required, like total turnover, your other income from other sources (beside your Apr 18 salary) etc. (if any)

Further, another point, you are now an NRI.

BTW, what one should conclude, from this sentence
"I haven't closed the resident trading account although i longer trade in it.."
perhaps missed a 'no' before longer
Hi,

Thanks for your email and yes you are right... I realise i didn't give enough info... Apologies for that...

Will try to do more research on all the points you mentioned and go through the contract notes etc...

Regards
Greg


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canikhil

Well-Known Member
@canikhil

Request your views on this pls. Also as per my cousin he said he is going to take this loan in Individual capacity (Proprietor of the shop). I have to decide on giving loan to him urgently as he is relying on me. But I wanted to be double sure about the TDS on interest part (whether deductible or not deductible) before giving him the loan.

Thanks.
I believe somewhere else you have also mentioned that your tax status is NRI. In the given circumstance, TDS should apply at 30% (assuming the loan has been given in INR and not in a foreign currency).

In case the loan has been given in foreign currency, the TDS rate shall be 20%.

The above is as per the act. Relevant DTAA may prescribe a lower rate.
 

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