when is the due date ?

[megapixel]

it is 1% per month on short amount....

do we count this month after 31st March,2013 to the date we pay tax ?

Is it correct ?

 

[simple trader1]

hello niftyfantacy sir . . .kya aap nifty future & option,commodity future ka tax aduit calculation simple sa example dekar batayaingai,only total profit+loss agar 60 lakh tak pahuch jayai tab tax aduit karna padta hai or other,or nifty option mai ex...1lakh buy premium+1lakh sell premium value ka profit 1000 and loss 500 hua to tax audit kya total p+l=1500 ke adhar per kiya jayega ya nahi,please explain sir, english me kamjor hu, sayad upar mention ki hui baato ko aap samaj jayaingai.thanks sir

 

[megapixel]

hello niftyfantacy sir . . .kya aap nifty future & option,commodity future ka tax aduit calculation simple sa example dekar batayaingai,only total profit+loss agar 60 lakh tak pahuch jayai tab tax aduit karna padta hai or other,or nifty option mai ex...1lakh buy premium+1lakh sell premium value ka profit 1000 and loss 500 hua to tax audit kya total p+l=1500 ke adhar per kiya jayega ya nahi,please explain sir, english me kamjor hu, sayad upar mention ki hui baato ko aap samaj jayaingai.thanks sir

@simple_trader

Here is one example for you...

Tax audit is to be done when one's turnover is above 60 Lacs...For those in other industry it is the basic sale achieved....But in the case of transactions of F&O there is a difference...

For the purpose of F&O transactions the limit of 60 Lacs is the profit or loss in absolute terms...Let me explain with an example....

Suppose you bought one lot of 150 shares of Financial Technology at Rs. 3000...Then you sold it at 3100....Therefore your profit is 100*150=15000...

Now you bought one lot of 1400 shares of HCC at 100 and then sold it for 110...so your profit if 10*1400=15000...

Third, you bought one lot of 8000 shares of IFCI at 60 and then sold it for 50...so you incur a loss of Rs. 10*8000=80000...

therefore for the purpose of determining the total turnover you achieved would be 15000(FTIL profit) + 14000(HCC profit) + 80000(IFCI loss) = 1,19,000....

it would not be the total transaction values but the absolute profit or loss incurred in the transactions...

 

[NiftyFantasy]

do we count this month after 31st March,2013 to the date we pay tax ?

Is it correct ?

there are 3 sections under 234 (a/b/c/0 which calculates your advance tax short fall & self assessment short fall (i dont know exactly which is for what)
it will be applied on both advance tax & self.asmt tax from your advance tax due dates & self assessment due date i,e, 30sep,31st dec & 31st march.... upto your deposit date...

 

[NiftyFantasy]

hello niftyfantacy sir . . .kya aap nifty future & option,commodity future ka tax aduit calculation simple sa example dekar batayaingai,only total profit+loss agar 60 lakh tak pahuch jayai tab tax aduit karna padta hai or other,or nifty option mai ex...1lakh buy premium+1lakh sell premium value ka profit 1000 and loss 500 hua to tax audit kya total p+l=1500 ke adhar per kiya jayega ya nahi,please explain sir, english me kamjor hu, sayad upar mention ki hui baato ko aap samaj jayaingai.thanks sir

yes it will be calculated on your sales purchase diff. value....

 

[megapixel]

there are 3 sections under 234 (a/b/c/0 which calculates your advance tax short fall & self assessment short fall (i dont know exactly which is for what)
it will be applied on both advance tax & self.asmt tax from your advance tax due dates & self assessment due date i,e, 30sep,31st dec & 31st march.... upto your deposit date...

self assessment tax are paid annually...i.e in the month of march... I'm planning to pay self assessment tax ..so I guess it will be counted from 31'st march 2012 to last remaining tax payment date

so the rule becomes ...

late payment charge = 1% of x short fall x (period of default starts from 1st april,2013 till the payment of self assessment tax)

 

[null]

I vaguely remember someone mentioning that for capital gains, the tax implications should be paid up within that quarter itself when it is realized (e.g., if you sold shares and made 1lakh profit today in Nov'12, then you should have paid the capital gains tax as applicable, based on your tax slab, on that 1 lakh gain before close of Dec'12). I too had argued how to settle the loss in a quarter & there was no clear answer other than saying it can be carry forwarded to the next quarter.

 

[megapixel]

Here is a list of all tax due dates ...

http://elagaan.com/india-tax-info/income-tax-calendar

 

[megapixel]

I have a query regarding e-Payment.

Can anyone please see this ...

This is just a tutorial video screen How to pay Tax online from a website....I'was trying to understand it.

I have a little doubt here ...

What is the Assessment Year we need to choose in the screen here during tax payment for the income in this year ( financial Year 2012 - 2013 ) ?

Is it 2013 - 2014 ?

OR

Is it 2012 - 2013

I'm getting mixed views so not confirmed.

 

[NiftyFantasy]

I have a query regarding e-Payment.

Can anyone please see this ...

This is just a tutorial video screen How to pay Tax online from a website....I'was trying to understand it.

I have a little doubt here ...

What is the Assessment Year we need to choose in the screen here during tax payment for the income in this year ( financial Year 2012 - 2013 ) ?

Is it 2013 - 2014 ?

OR

Is it 2012 - 2013

I'm getting mixed views so not confirmed.

2013-14 for current year