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

[oi trader boi]

ohh that means I'm saved.my local auditor friend filed under 44AD only.
new amendment is confusing,I will file return under 44AD in FY 2016-17 ie AY 2017-18,but after that I may attract audit under 44AB in FY 2017-18 ie AY 2018-19,then what should one do?
we even dont know how much are we going to earn as a trader by this March end.so,under which section one should file a return if 44AB is not applicable?

Nice Query.In addition,Pls do answer my query too-
Under which section one should file a return if the profit is more than 8%(of 2Crs Turnover)?
44AB is not applicable and 44AD is also not applicable here?? Then what section Nikhil Ji?

Our CA don't answer this,so some of us asking you this very basic questions.You are going to handle/audit many of us a/c's for sure :thumb:

 

[canikhil]

Dear Sir,

When you say BP sheet ---- I assume you mean BL sheet (Balance sheet). Please correct me if wrong.

Enjoy,
CArnot

I mean BP sheet....

 

[mastermind007]

Dear canikhil

I have a question for you. Yesterday I encountered some sales folks who were marketting some illiquid scrip. While there is no chance, that I will buy into their scrip but they made some very interesting claims about taxation which I wish to clarify

If you hold cash equity for one or more than one year, the capital gains from it are exempted from all tax (according to him, this is in accordance to some SEBI rule)

 

[Smart_trade]

Dear canikhil

I have a question for you. Yesterday I encountered some sales folks who were marketting some illiquid scrip. While there is no chance, that I will buy into their scrip but they made some very interesting claims about taxation which I wish to clarify

If you hold cash equity for one or more than one year, the capital gains from it are exempted from all tax (according to him, this is in accordance to some SEBI rule)

It has nothing to do with any SEBI rule. Capital gains made on equity shares with holding period of 365 days or more are long term capital gains and are fully exumpt from any capital gains tax provided the sale is done on stock exchange by paying STT ( meaning unlisted shares and internal transfers wont qualify for this exumption. )

Smart_trade

 

[canikhil]

Dear canikhil

I have a question for you. Yesterday I encountered some sales folks who were marketting some illiquid scrip. While there is no chance, that I will buy into their scrip but they made some very interesting claims about taxation which I wish to clarify

If you hold cash equity for one or more than one year, the capital gains from it are exempted from all tax (according to him, this is in accordance to some SEBI rule)

dont bother about shares facing liquidity problems. All you end up with is bunch if shares showing up in your account with no buyer and huge price fluctuations...plus brokers charge very high brokerage for such shares.

 

[oi trader boi]

Nice Query.In addition,Pls do answer my query too-
Under which section one should file a return if the profit is more than 8%(of 2Crs Turnover)?
44AB is not applicable and 44AD is also not applicable here?? Then what section Nikhil Ji?

ohh that means I'm saved.my local auditor friend filed under 44AD only.
new amendment is confusing,I will file return under 44AD in FY 2016-17 ie AY 2017-18,but after that I may attract audit under 44AB in FY 2017-18 ie AY 2018-19,then what should one do?
we even dont know how much are we going to earn as a trader by this March end.so,under which section one should file a return if 44AB is not applicable?

This query remain unanswered.Pls do reply whenever free.

 

[carnot11]

I mean BP sheet....

And what is a BP sheet ?

Google search about BP sheet shows results for BP p.l.c.

Enjoy...

 

[Bhairava]

Sir,Do recurring deposits come under section 80C of tax deduction?
I googled and found that it does not come under 80C.
But my CA put RD under 80C.

 

[Bhairava]

This query remain unanswered.Pls do reply whenever free.

imo 44AD only.

 

[niftygupshup]

Sir,Do recurring deposits come under section 80C of tax deduction?
I googled and found that it does not come under 80C.
But my CA put RD under 80C.

none of interest received from a bank FD or RD or SB is allowed under 80C, except 5 years tax saver FD (again only tax saver FD and not regular FD)
SB account interest upto 10K is allowed as deduction under separate section (80TTA) and not under 80C