Hello Friends - CA at your service

canikhil

Well-Known Member
#1
Dear All,

I am Nikhil kaushik, a Chartered Accountant based out of Mumbai. Will be glad to share my knowledge on tax related matters here.

Regards
 

VJAY

Well-Known Member
#3
Dear All,

I am Nikhil kaushik, a Chartered Accountant based out of Mumbai. Will be glad to share my knowledge on tax related matters here.

Regards
Welcome ....its nice to have a CA with us :)...may be many will need your help
 
#4
Derivative trading being treated as business subject to audit can we claim rent as business expenses?if we do trade in house where we live and pay rent can we claim the exp. as rent exp.?if yes how do we apportion it? Can we claim internet as exp to what extent?we buy book how to treat them? We eat in trading hour how will the food expenses be treated? We travel to meet a friend to talk about trading idea can we claim that as business exp?The software we buy computers and all we buy can we provide depreciation?if we trade from two or three account of different person at the same premises how to apportion these expenses?
Thanks in advance
 
Last edited:

canikhil

Well-Known Member
#5
Derivative trading being treated as business subject to audit can we claim rent as business expenses?if we do trade in house where we live and pay rent can we claim the exp. as rent exp.?if yes how do we apportion it? Can we claim internet as exp to what extent?we buy book how to treat them? We eat in trading hour how will the food expenses be treated? We travel to meet a friend to talk about trading idea can we claim that as business exp?The software we buy computers and all we buy can we provide depreciation?if we trade from two or three account of different person at the same premises how to apportion these expenses?
Thanks in advance
before you claim rent as business expense, check your rental agreement. There is a good chance that rent agreement may have a clause that the house is to be used only for residential purposes.

With regards to books, they should be related to business.

softwares, computer, internet etc can easily be claimed.

Traveling expenses should be apportioned reasonably. In your example, do you only talk about trading strategies when you meet your friend? no personal talk?

for apportioning expenses, use a reasonable basis as number of hours the facility has been used etc

Being reasonable is the key here. Because when AO questions you, half-baked arguments wont cut the ice.

with regards to food, well I don't suggest clients to claim it because you dont eat to do business - you do business to eat food!
 
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