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

[diosys]

Diosys,

Thank you.

1. So my income from FUTURES will be cosidered as business income then the tax will be of 15% flat or like 10,20,30% as usual.

2. Also, If I need to deduct such electricity charges, telephone charges(is it deductable?), Data Feed Charges, Office staff salary (If I have one assistant) then, under what category my single room office/firm should register.

Haribird.

There is no flat rate of taxation in case of Individual...You would need to calculate it the way i did two posts back....

The above calculation needs to be done for the income after deducting the eligible expenses. Further, in the case of an individual there is no need of any registration of any sorts except of a valid PAN....

 

[TFL]

There is no flat rate of taxation in case of Individual...You would need to calculate it the way i did two posts back....

The above calculation needs to be done for the income after deducting the eligible expenses. Further, in the case of an individual there is no need of any registration of any sorts except of a valid PAN....

Thank you.

I was asking about whether my firm needs a registration if I employee 1 staff to assist me. Also under what category I need to register my firm.

Haribird.

 

[diosys]

Thank you.

I was asking about whether my firm needs a registration if I employee 1 staff to assist me. Also under what category I need to register my firm.

Haribird.

Dear,

A firm or partnership needs two persons....Having an office and employees does not make you into a partnership its still a proprietorship which does not require any registration except your PAN card....

 

[TFL]

Dear,

A firm or partnership needs two persons....Having an office and employees does not make you into a partnership its still a proprietorship which does not require any registration except your PAN card....

Thanks diosys,

Ok then its a proprietorship.
Say, I am paying 15K per month to my accountant, is it possible to deduct the 15k*12mnths from my net profit of futures trading? If yes then under what category I need to put this deduction?

Hari.

 

[diosys]

Thanks diosys,

Ok then its a proprietorship.
Say, I am paying 15K per month to my accountant, is it possible to deduct the 15k*12mnths from my net profit of futures trading? If yes then under what category I need to put this deduction?

Hari.

Yes the same can be done....Book this expense in Accounting charges or salary...

 

[hulo]

sir if the turnover is more then 1 crore rs per annum the stt is deducted automatically and i am a day trader started with a cpaital off 2 lack to 5 lack have accrued loses on my trading coz of market crash could u tell me that how much tax is paybel on my turnover after stt deduction.

and m am accruing a loss of 1 lack

i am be very thank full to you if u through some light on it

vishal

 

[praveen taneja]

sir my 90% portfolio is gone n if i recover that in next year should i hav to pay tax on that or will that b exempted as that is actually my own investment????

 

[TFL]

sir my 90% portfolio is gone n if i recover that in next year should i hav to pay tax on that or will that b exempted as that is actually my own investment????

Praveen taneja,

You only need to pay capital gains tax 15% flat if you 'buy date' and 'sell dates are lesser than a year. No tax for the gains if you are holding for more than 1 year from buy date.

Also like to tell you that the question is not clear, did you sell your portfolio and taken the losses? or still holding all?

Diosys will come and conclude this.

Hari.

 

[diosys]

sir if the turnover is more then 1 crore rs per annum the stt is deducted automatically and i am a day trader started with a cpaital off 2 lack to 5 lack have accrued loses on my trading coz of market crash could u tell me that how much tax is paybel on my turnover after stt deduction.

and m am accruing a loss of 1 lack

i am be very thank full to you if u through some light on it

vishal

Dear Vishal.

Please understand that tax is not payable on turnover its payable on Income....Turnover is not Income....

As you have stated that you have incurred so much loss then i can safely presume that there would be no income and hence no income tax payable by you on the same....

Turnover is not the criteria for filing if Income tax...

 

[diosys]

sir my 90% portfolio is gone n if i recover that in next year should i hav to pay tax on that or will that b exempted as that is actually my own investment????

Dear Praveen

this question has different answers depending on what type of loss was incurred (business or capital gain), which year it was incurred, was the return filed in time ???

I would not be able to give you the correct answer without these parameters...

I say so because if there is a loss in a year and the return has been filed before due date then the same loss can be carried forwarded and claimed from next years income....

However to simply answer your question....

Suppose u started with 100 and are now left with 40 - 60 loss...

Now next year the 40 goes up to 90 then off course tax would be required to be paid on the 50 IF the previous loss return was not filed on time....Hope you got it....