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

[nac]

Good information. Thanks. Have you done audit of account? Since you have loss, have you shown it? Did you officer ask anything about audit needs to be done to carry forward losses. I am asking you since if audit is needed to carry forward losses then one can file revised returns since last date for audited filing is 30 Sep. So refiling can be done along with parallel scrutiny. I think the AO is the most appropriate person in such a case who can tell us this thing.

If your t/o is more than one crore or if your profit is less than 8% of your turn over (provided your profit is above basic exemption limit), you're liable to audit. Else, don't bother about that.

 

[FnOtrader80]

Good information. Thanks. Have you done audit of account? Since you have loss, have you shown it? Did you officer ask anything about audit needs to be done to carry forward losses. I am asking you since if audit is needed to carry forward losses then one can file revised returns since last date for audited filing is 30 Sep. So refiling can be done along with parallel scrutiny. I think the AO is the most appropriate person in such a case who can tell us this thing.

Hi, my turnover was less than 1 cr and profit more than 8 % of turnover so i didnt get audit done .For ay 2015-16 i dont think we can revise the return where there is a loss and audit required after 30 sept 2015. To carry forward losses you must have filed by sept 30 with audit done.

 

[princy01]

i hear there are ways to save more taxes legally also , suppose someone has profits of 1 crore from fno , how can he save taxes to the maximum extent??

 

[Smart_trade]

i hear there are ways to save more taxes legally also , suppose someone has profits of 1 crore from fno , how can he save taxes to the maximum extent??

Person earning Rs 1 Cr knows how and how much he can save on taxes. But if one earns 1 Cr, it is better to pay full tax and use those 70-75 L for making further money next year.

ST

 

[Square]

i hear there are ways to save more taxes legally also , suppose someone has profits of 1 crore from fno , how can he save taxes to the maximum extent??

Out of syllabus question.

 

[princy01]

Person earning Rs 1 Cr knows how and how much he can save on taxes. But if one earns 1 Cr, it is better to pay full tax and use those 70-75 L for making further money next year.

ST

i am talking about fno trading income 1 cr sir

on 1cr he will be in 30% bracket so around 30 lacs tax will be there, how can he bring that down to maximum?

 

[princy01]

Out of syllabus question.

:lol::lol::lol::lol::lol:

 

[FnOtrader80]

i hear there are ways to save more taxes legally also , suppose someone has profits of 1 crore from fno , how can he save taxes to the maximum extent??

Buddy here people are getting IT notices despite making losses ..imagine what would happen if you try to save taxes even legally if you are in profits of 1 cr :lol:

 

[Smart_trade]

Buddy here people are getting IT notices despite making losses ..imagine what would happen if you try to save taxes even legally if you are in profits of 1 cr :lol:

This is precisely why people are getting scrutiny notices.IT sees large turnover and no taxes so they start suspecting.If one earns Rs 1 Cr and pays his taxes properly, there is a very remote chance of his getting a scrutiny.

Even if one earns a few Lakhs and pays taxes, he very rarely gets a scrutiny.

Smart_trade

 

[nac]

i hear there are ways to save more taxes legally also , suppose someone has profits of 1 crore from fno , how can he save taxes to the maximum extent??

If you're making 1cr p.a, you suppose to have an auditor. Ask him.
If not, don't bother about that. You can cross that bridge when you get there.

As far as I know, legal ways to reduce your tax liabilities are,
Use the standard savings to the fullest (Insurance, PPF...)
If you live in a rental house, you can claim that.
Claim mediclaim premium paid.

This is not gonna be much for 1cr. But these are the ones I know. And last but not the least, donate all the money which makes you pay tax.