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

[24akshay]

tax query

Hi diosys

I get paid from a US website for consulting service. All my work is online on their website. They pay me via paypal each month. And from paypal, I transfer money to my bank account in India. I am a resident of India and travel to US often on visitor visa. Do I owe taxes and how much?
Thanks.

 

[diosys]

Re: tax query

Hi diosys

I get paid from a US website for consulting service. All my work is online on their website. They pay me via paypal each month. And from paypal, I transfer money to my bank account in India. I am a resident of India and travel to US often on visitor visa. Do I owe taxes and how much?
Thanks.

Yeah, akshay you are liable for Indian Income tax....This i state presuming that you have stayed in India more than 184 days in the previous financial year..


The quantum of of tax payable depends on your income and cannot be given as a percentage.

 

[TFL]

Re: tax query

Yeah, akshay you are liable for Indian Income tax....This i state presuming that you have stayed in India more than 184 days in the previous financial year..


The quantum of of tax payable depends on your income and cannot be given as a percentage.

I am paying tax for the first time for Short Term Capital Gains.
Do I need to list each and every shares/F&O traded as its a very tedious task.

Thanks.

 

[TFL]

Do we need to specify as "SELF EMPLOYED" to get qualified for

There is no registration requirement....

Deduction on account of buying capital assets is not allowed in one full year but depreciation is allowed each year upto 60% (in case if computer only) of the WDV.

For ef if you buy a computer on 05-04-08 for 100000 then the allowable expense to be deducted would be 60000, balance 40000 would carry over and next year you would be allowed 60% of 40000 and keeps on going till WDV becomes 0.

Plus the rate of depreciation is different for various categories of assets...

Computer - 60%
Mobile - 15%
Furniture - 10%
Office Equipments - 15%
Fan - 10%

etc etc.....

Thirdly assets purchased after 2nd October any fiscal year the depreciation rate available would be halved.

Thanks

 

[solacefanatic1]

dear diosys sir,

now total STT paid is business expense, so how we calculate total STT paid in a FY.

(1) we have to manually add STT from printouts of contract notes

or

(2) our e-broker shall provide us STT paid certificate for a FY.

In case of scrutiny shall we require the aforesaid?

regards

raja

 

[diosys]

Re: tax query

I am paying tax for the first time for Short Term Capital Gains.
Do I need to list each and every shares/F&O traded as its a very tedious task.

Thanks.

No...Mention under purchases - "Various Shares" and put the total purchase price

Under Sales - "Various shares" and put the total sales in it....The diff of the two would be your gain....Put the acquisition date as 01-04-08 and sale date as 31-03-09 so it becomes short term gain.

As for self employed thing- you need not mention anything....

 

[diosys]

dear diosys sir,

now total STT paid is business expense, so how we calculate total STT paid in a FY.

(1) we have to manually add STT from printouts of contract notes

or

(2) our e-broker shall provide us STT paid certificate for a FY.

In case of scrutiny shall we require the aforesaid?

regards

raja

Third party certificate is always preferred and mostly brokers would be able to generate it for you....ask it from him...

If not available then generate from each contract note.

 

[wattax]

Could someone tell me exactly when assessment year 2008-09 begins and ends?

And what's the final due date for filing returns for AY 2008-09?

 

[diosys]

Could someone tell me exactly when assessment year 2008-09 begins and ends?

And what's the final due date for filing returns for AY 2008-09?

Dear,

In Income tax Assessment year is one year ahead of the financial year

AY 2008-09 means FY 2007-08 hence AY starts from 01-04-2008 to 31-03-2009 BUT it relates to financial year 01-04-2007 to 31-03-2008 since it is that years income being assessed in the next year hence it is one year ahead of the FY.

Due date for AY 2008-09 has already ended....

for salary it was 31-07-2008
for business it was 31-07-2008 if not auditable
for business auditable it was 30-09-2008
though the returns could have been filed upto 31-03-2009 without any penatly....

BUT LEKIN KINTU PARANTU

you can still file for AY 2008-09 ... there is no restriction that you cannot...though if the department wants they can recover a max of Rs. 5000 as penalty.

 

[rds1933]

Hello, diosys!

Good Morning to you. i have some issues relating to share trading and want to learn from you, if you would permit that.

A large number of shares of DLF fell in one's lap by luck. i bought just 50 shares way back in 1994 at par value. Later, against fully convertible debentures, a sum of Rs. 5000 got converted into 500 shares of Rs. 10 nominal value, making the total as 550 shares. Bonus shares issued @ 7 shares for every share made the number of shares held as 4400. Split of Rs. 10 shares into Rs. 2 each made the total number of shares as 22000 of Rs. 2 each. Net cost of each share was only Rs. 0.25.

In January 2008, when the DLF shares were valued around Rs. 1100-1200 per share, the holding became worth about Rs. 2.5 croes. This made one book a plot and an apartment as one does not have own roof yet to live in. Quickly, however, the capital value of Rs. 2.5 crores melted down to Rs-40-50 lacs. Paying for the property installents yet keeping something for maintenance became a major poblem.

It became necessary to make an effort to regain the capital worth. So share trading was started. The scale of activity has been pretty extensive, in terms of extent and quantity per transaction. One goes mostly long but,at times, short too. The arena is mostly limited to Equity but some times Derivatives also.

i do not have any CA for help and operate on my own on line from home through Internet trading. India Infoline's Trader terminal is used for this purpose.

Being a tax compliant person, there are a number of issues emerging. The first question that arises is: Would i be considered as a trader or an amateur for the purpose of ITax, that is, whether i would have to pay for Capital Gains or for PL?

Once this issue is sorted out, there wouild be further issues that would be raised later, again if you permit.

i shall be grateful, if you (or some other expert) can help me.

Hugs

Rajen