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

[diosys]

Q2 and Q3 are much clearer now
regarding Q4 my income was 5 lacs and out of that i put 2lacs in market to buy shares. and so i pay tax on remaining 3 lacs as 2 lacs is still invested
right?

Wrong....pay tax on you total income of 5 lacs....that is your profit....

Please try to appreciate the difference between capital and income...

 

[3dsmaxed]

5 lacs was the amount that was put to start my icici direct account
diosys if its not much of a hassle can i email u my statment for those 4 months and u can help me find out how to calculate

Thanks

 

[diosys]

5 lacs was the amount that was put to start my icici direct account
diosys if its not much of a hassle can i email u my statment for those 4 months and u can help me find out how to calculate

Thanks

if 5 lacs was the amount you had put to start then that is your capital and not profit....then no tax on this amount...

 

[3dsmaxed]

if 5 lacs was the amount you had put to start then that is your capital and not profit....then no tax on this amount...

so i have to pay 30% on those 5 lacs right?
but suppose i take 2 lacs and buy some shares so that 2 lacs is still invested in the market
so i just pay 30% on 3 lacs as the decision of profit or loss is pending on those 2 lacs as i havent sold the shares yet

 

[anjanr]

Dear diosys,
I am a salaried employee and do f&o trading also. I hvae few queries
1. f&o is treated as business income, am I right?
2. In which column of ITR 4, should I include the f&o income?
Thanks

 

[columbus]

All investments made in Mutual Funds are exempted from the Income Tax? Or those in ELSS scheme only?

 

[diosys]

so i have to pay 30% on those 5 lacs right?
but suppose i take 2 lacs and buy some shares so that 2 lacs is still invested in the market
so i just pay 30% on 3 lacs as the decision of profit or loss is pending on those 2 lacs as i havent sold the shares yet

Why are you getting confused.....

Please answer one simple question...

Is this 5 lacs which you invested your capital or your generated profit....Note - Generated profit means for this year alone and not previous year...

 

[diosys]

Dear diosys,
I am a salaried employee and do f&o trading also. I hvae few queries
1. f&o is treated as business income, am I right?
2. In which column of ITR 4, should I include the f&o income?
Thanks

F&O should go in the business income head....

It would be included in the schedule where the breakup of sale and purchase is required....

 

[diosys]

All investments made in Mutual Funds are exempted from the Income Tax? Or those in ELSS scheme only?

Only those in ELSS are eligible for deduction....not all

 

[Aman1]

hi diosys
I am salaried, I have done all kind of tradingi.e intraday, short term, future&option, and commodity. Am I supposed to fill only one form for my tax return i.e ITR4 or any other form as well.