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

[shajay12]

Hi all....

I thought a lot of our traderji members would be having taxing issues...Hence i am launching this thread for people who wish to seek some advice on issues pertaining to Income Tax or Service Tax....

I would try to solve them to the best of my ability and knowledge....

See Ya all....

Hi,

I have to show a investment of 60,000 so that i can save tax.

I have insured my self with LIC with yearly investment of Rs 30, 000 for 20 Years.

But i have to show another Rs 60.000 investment. Can you please let me know which investment, Banking schemes, or post office schemes are good.

I came to know about post office saving schemes but i am not able to make decisions which among them is best for me.

Can you please suggest me some tax saving investment.

Regards,
Ajay

 

[prabit]

The 40lakh turnover is calculated as profit+loss for non delivery trades (FNO, Intraday stock trading) only, right? If you take delivery then it is buy value+sell value that need to be taken into account?

Hi lazytrader, if I buy some share say ACC but do not sell, then whether this buy value will be added to the turnover? Pl reply.
Regards
prabit

 

[diosys]

Hi,

I have to show a investment of 60,000 so that i can save tax.

I have insured my self with LIC with yearly investment of Rs 30, 000 for 20 Years.

But i have to show another Rs 60.000 investment. Can you please let me know which investment, Banking schemes, or post office schemes are good.

I came to know about post office saving schemes but i am not able to make decisions which among them is best for me.

Can you please suggest me some tax saving investment.

Regards,
Ajay

For the same please inform what is you horizon period for this money and what is your comfort level with this money being locked up....Plus what are your investment in debt, equity in %age terms...

See investment pattern depends on your age, risk taking ability, future steady income, need of money and current investments done....

No point in blindly following one fund or scheme...

Golden rule of investment is to invest (100-age)% into equities. IF you are 30 yrs old then 70% of your investment should be in equities or equity related instruments...

now judge yourself.

 

[diosys]

Hi lazytrader, if I buy some share say ACC but do not sell, then whether this buy value will be added to the turnover? Pl reply.
Regards
prabit

No, turnover means sale and not purchase. When you sell them (after taking delivery) then they would added to your turnover.

 

[reks]

Hi Guys !

I am 30 years old employee. I have not invested anywhere so far. ( NO LIC, No mutual fund, no ULIP, no equity etc..). I always pay tax at the end of FY.

I would like to save tax for this year. My taxable amount is 2.5 lacs annually.
I appreciate if you could guide me to invest anywhere (I am comfortable for this) for good return as well as tax saving for this year.
I could consider long term horizon

Thanks
Reks

 

[ashishtalyan]

Hello sir diosys ,I become your fan after reading all your posts.great sir great.I feel proud that I become member of

traderji.

I have one query.We are doing agriculture.The agriculture land is in my father's name.I am doing some stock

trading.Suppose if I gain some in short term,which is less than the minimum tax bracket,should I pay tax.I am not filing any return,no tax since I started trading.Off course my income from STCG is not more than 100000.some times as low as 25000.I dont have any other income in my name.Please clarify my point."Paying TAX and filing return" please

clarify these terms also.If someone has no taxable income should he required to file IT return.What would be in my case who has no other income other than STCG.should he file return.

I would be greatful if you clarify my doubts.

 

[lazytrader]

Hi Guys !

I am 30 years old employee. I have not invested anywhere so far. ( NO LIC, No mutual fund, no ULIP, no equity etc..). I always pay tax at the end of FY.

I would like to save tax for this year. My taxable amount is 2.5 lacs annually.
I appreciate if you could guide me to invest anywhere (I am comfortable for this) for good return as well as tax saving for this year.
I could consider long term horizon

Thanks
Reks

I am no tax expert but one thing I feel is insurance is a must, life+health and and ELSS SIP (monthly investment into a tax saving mutual fund).

 

[diosys]

Hi Guys !

I am 30 years old employee. I have not invested anywhere so far. ( NO LIC, No mutual fund, no ULIP, no equity etc..). I always pay tax at the end of FY.

I would like to save tax for this year. My taxable amount is 2.5 lacs annually.
I appreciate if you could guide me to invest anywhere (I am comfortable for this) for good return as well as tax saving for this year.
I could consider long term horizon

Thanks
Reks

I agree with what lazy has to say....First insure your family against any eventuality and invest in ELSS through monthly mode

 

[diosys]

Hello sir diosys ,I become your fan after reading all your posts.great sir great.I feel proud that I become member of

traderji.

I have one query.We are doing agriculture.The agriculture land is in my father's name.I am doing some stock

trading.Suppose if I gain some in short term,which is less than the minimum tax bracket,should I pay tax.I am not filing any return,no tax since I started trading.Off course my income from STCG is not more than 100000.some times as low as 25000.I dont have any other income in my name.Please clarify my point."Paying TAX and filing return" please

clarify these terms also.If someone has no taxable income should he required to file IT return.What would be in my case who has no other income other than STCG.should he file return.

I would be greatful if you clarify my doubts.

Hi Dear,

Thank you for your comments....

First we all should try to appreciate the difference between an income being exempt and a income being non taxable at all....There is a slight difference between the same...

Income which is exempt is that income which is taxable but by the provisions contained in the Income Tax Act are made to tax at 0% such as Agriculture...Non tax Income is that income which was never income hence it never came into the purview of Income Tax Act for eg. loan taken...

Agricultural Income is added to your other income in order to check what is the tax liabaility for the other income so that tax can be calculated on the other income...

In your case since the other income does not excees the basic exemption limit the tax payable would be nil....

However i would suggest that you file your ITR always...even if 10/- is earned.

 

[reks]

I agree with what lazy has to say....First insure your family against any eventuality and invest in ELSS through monthly mode

Hi Thanks!

yes, you are right but could you kindly suggest any insurance company for insurance as well as returns + other investment for my 2.5 lacs?

rgds