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

[ashok31213]

Sir,
I have taken housing loan for which I am getting IT rebate under relevent section; however my company(PSU) is not giving any rebate for the house rent paid by me against HRA. My HRA is clubed against income because I am getting rebate for availing housing loan hence cannot avail rebate for both.Please advice.
Is conveyance allowance chargeable for IT under income?
Regards
Col A S Bindra

 

[ashok31213]

Sir,
I have taken housing loan for which I am getting IT rebate under relevent section; however my company(PSU) is not giving any rebate for the house rent paid by me against HRA. My HRA is clubed against income because I am getting rebate for availing housing loan hence cannot avail rebate for both.Please advice.
Is conveyance allowance chargeable for IT under income?
Regards
Col A S Bindra

 

[diosys]

Sir,
I have taken housing loan for which I am getting IT rebate under relevent section; however my company(PSU) is not giving any rebate for the house rent paid by me against HRA. My HRA is clubed against income because I am getting rebate for availing housing loan hence cannot avail rebate for both.Please advice.
Is conveyance allowance chargeable for IT under income?
Regards
Col A S Bindra

Dear Ashok....

This is a interpretation issue and is still not decided by courts....According to me both should be available to you....Even if your company does not give it you then you can very well claim it in your ITR and get the refund...

Conveyance allowance is chargeable to tax but after an exemption limit of 9600 per year or what ever is paid by the company to you whichever is lower....

 

[diosys]

Hi
I have no (zero) earnings. If I'll open an demat account and will do short term stock trading , then will I have to pay the STCG tax flat 15% of my profit or if my earnings above the taxable income then I have to pay tax.
Plz help.

Your earnings need to cross the basic exemption limit and then you are required to pat tax.....

 

[diosys]

Dear Sir,


Thanks a lot for your very Informative Thread. Kindly clarify my queries
if possible

1) For Day Trading let us say I Turnover Rs 1 lakh per day and
make a profit of Rs 40000/- (in a year over a turnover of 2.00 crores)
What would be the tax payable ? Whethe

2) Whether any Audit should be conducted on the total transactions ?

3) Should all contract notes ( for Day Trading only ) be produced
at the time of filing tax ?

4) How to avoid hassles by paying tax without hiding any income ?


Thanking you in Anticipation


S.Venkatesh

Tax payable would depend also upon your other incomes apart from this income....However while replying i presume that there is no other income...

Tax payable on 40,000 is nil...

For calculating the audit able limit of Rs. 40 Lacs the profit and loss of each F&O transaction needs to be clubbed....that is aggregated and not summed...Loss of 40000 and Profit of 40000 means turnover 80000...Hence like this if you cross 40 lacs or not....if yes then audit is required to be done.

Contract notes are not required to be filed along with the return but may be called by the department later.

 

[RUPS.78]

Hi Diosys,

I Have Couple Of Questions Seeking Clarifications...

I Am A Day Trader With Salaried Income In Plus.

1. Do I Have To File Return If My Total Income I.e Salaried And Profit Or Loss From Trading Do Not Exceed One Lac Ten Thousand Rupees In The Last Financial Year 2007-2008.?

2. The Turnover Is Above And Around One Crore In Equities And Futures Trading, Does It Make Any Difference As Far As My Tax Or Retun Liability Is Concerned.?

3. If Yes, In Which Format Should I Attach Details With Itr? I Mean, Wheather I Have To Mention Every Single Trade Detail With Date, Price, Brkg., St, Stt Etc. On A Sheet Attached Or Just Full Year Statement From My Broker Is Sufficient Which States The Balance At Closing With Deposits And Withdrawal.


Best Regards,
Rups

 

[diosys]

Hi Diosys,

I Have Couple Of Questions Seeking Clarifications...

I Am A Day Trader With Salaried Income In Plus.

1. Do I Have To File Return If My Total Income I.e Salaried And Profit Or Loss From Trading Do Not Exceed One Lac Ten Thousand Rupees In The Last Financial Year 2007-2008.?

2. The Turnover Is Above And Around One Crore In Equities And Futures Trading, Does It Make Any Difference As Far As My Tax Or Retun Liability Is Concerned.?

3. If Yes, In Which Format Should I Attach Details With Itr? I Mean, Wheather I Have To Mention Every Single Trade Detail With Date, Price, Brkg., St, Stt Etc. On A Sheet Attached Or Just Full Year Statement From My Broker Is Sufficient Which States The Balance At Closing With Deposits And Withdrawal.


Best Regards,
Rups

Dear Rups....

If your income is less than 1.1 lacs then no need to file your retrun...But i would always plead to people to file their returns even if of nil as it forms a better base and shows that you are tax compliant person..helps a lot in the future....

Secondly if your turnover is in excess of 40 lacs then you need to get your books of accounts audited by a chartered accountant....once you anycase approach him for the audit he would be able to guide you for the rest of your queries....

 

[rnd8]

Hi All,
I am new in this forum. I want to know about IT rule about the condition describe below:
I am a tax payer. If I want to invest some amount from my A/c.(as a loan from my a/c. to mother) as fixed deposit to any bank jointly with my mother (1st holder) as a senior citizen. After maturing the term deposit the interest is the income of my mother. Then if we transfer the amount to my a/c as repay of loan and interest as gift. Then the gift is treated as my income or not? If it is my income then if I transfer the interest to my mother or my sons a/c. then this is income for me or not? Please advice about that.
Thanking you.
R. Das

 

[diosys]

Hi All,
I am new in this forum. I want to know about IT rule about the condition describe below:
I am a tax payer. If I want to invest some amount from my A/c.(as a loan from my a/c. to mother) as fixed deposit to any bank jointly with my mother (1st holder) as a senior citizen. After maturing the term deposit the interest is the income of my mother. Then if we transfer the amount to my a/c as repay of loan and interest as gift. Then the gift is treated as my income or not? If it is my income then if I transfer the interest to my mother or my sons a/c. then this is income for me or not? Please advice about that.
Thanking you.
R. Das

Trans from interest from your mother to you would not be your income as it is specifically exempt coming under the definiation of relation...

 

[gekko]

Hi Diosys,

What are the existing rules for FBT around stock options.
The US parent of the India based company will pay in dollars. How much is payable as FBT tax in India. I no longer work there. The shares were issued in December 07. Would I be liable for paying the amount directly or would the liability lie with company and hence they will withold the taxable amount.

And are there any indications if FBT norms for options would relax etc?