Hi Diosys,
Excellent thread and very informative for the common man who doesnt have much info about taxes, unfortunately its not explained in a practical way in schools or colleges, where u spend a lot of time studying useless things in maths, science and languages which doesnt help u later on in life.
I have a few questions for you,
1. I am an NRI, trading in futures through my wifes account.She doesnt have any other taxabe income in India.
2. My monthly turnover exceeds 10cr and on an average I make 200k to 300 k monthly. How much tax I would have to pay, Do I need a tax audit, What are the deductions I can get, Can I deduct STCG losses made in 2006/07.
3. In 2006/07 I made loss of about 250k from Margin Trading, I have not filed Tax returns, Till when can I do this.
Please do reply,
Excellent thread and very informative for the common man who doesnt have much info about taxes, unfortunately its not explained in a practical way in schools or colleges, where u spend a lot of time studying useless things in maths, science and languages which doesnt help u later on in life.
I have a few questions for you,
1. I am an NRI, trading in futures through my wifes account.She doesnt have any other taxabe income in India.
2. My monthly turnover exceeds 10cr and on an average I make 200k to 300 k monthly. How much tax I would have to pay, Do I need a tax audit, What are the deductions I can get, Can I deduct STCG losses made in 2006/07.
3. In 2006/07 I made loss of about 250k from Margin Trading, I have not filed Tax returns, Till when can I do this.
Please do reply,