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

[diosys]

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

I personally invest in the following funds...

SBI Magnum Tax Gain,
HDFC Tax Saver,
Canara Robecco Tax Saver,
Birla Tax Relief Fund 96

Insurance policy i have very old of LIC which is continuing...

 

[annu]

namasker sir,
earlier i was working with a limited company . left the company in june - 2009 . earlier my ITR was filled by the company . after leaving the company my income is near about one lakh but i not filled the ITR . now what should i do ? if i start intraday trade will not filling previous ITR effect my trading?
how i can file the previous year itr?

 

[ashishtalyan]

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.

Thank you sir for quick comment.

1.Now sir which form should I fill and what type of income should I show if I earn STCG & LTCG only.

2."Is Long term capital gain tax" also needed to be mentioned in ITR form.

3.Please giude me and tell me the form no and column where I fill these STCG & LTCG details.and where to deposit and when?


Please see this senario...am I correct?
.................................
suppose
STCH= 10000
LTCG=100000
15% tax on STCG=Rs 1500
No other income except this STCG & LTCG.

income is below income tax limit and LTCG exempted.

hence no TAX.

ZERO TAX.
...................................

4.Last year my father gained 120000 as STCG. He is retired and senior citizen.I deposited 12000 as tax online from ICICI account.But not filled IT return.what to do now.His income is not more than senoir citizen exemption limit.Is our Rs 12000 goes waste.....
....................................

Sorry for asking so much questions.In this world without
money no one gives any advice.You are fulfilling people wish,your work really appreciated.Even after paying money correct advice is not given in this World.
Thanks with heart.....

 

[diosys]

namasker sir,
earlier i was working with a limited company . left the company in june - 2009 . earlier my ITR was filled by the company . after leaving the company my income is near about one lakh but i not filled the ITR . now what should i do ? if i start intraday trade will not filling previous ITR effect my trading?
how i can file the previous year itr?

it is only complusory to file your ITR is the income is greater than the basic exemption limit, which in your case is not so....

So it is not compulosry for you to file your ITR.

 

[diosys]

Thank you sir for quick comment.

1.Now sir which form should I fill and what type of income should I show if I earn STCG & LTCG only.

2."Is Long term capital gain tax" also needed to be mentioned in ITR form.

3.Please giude me and tell me the form no and column where I fill these STCG & LTCG details.and where to deposit and when?


Please see this senario...am I correct?
.................................
suppose
STCH= 10000
LTCG=100000
15% tax on STCG=Rs 1500
No other income except this STCG & LTCG.

income is below income tax limit and LTCG exempted.

hence no TAX.

ZERO TAX.
...................................

4.Last year my father gained 120000 as STCG. He is retired and senior citizen.I deposited 12000 as tax online from ICICI account.But not filled IT return.what to do now.His income is not more than senoir citizen exemption limit.Is our Rs 12000 goes waste.....
....................................

Sorry for asking so much questions.In this world without
money no one gives any advice.You are fulfilling people wish,your work really appreciated.Even after paying money correct advice is not given in this World.
Thanks with heart.....

1.) Fill in ITR-3
2.) Yes, under income claimed to be exempt from tax (Schedule EI on the last page)
3.) STCG under Sch CG point A2 and then in A5. LTCG under Sch CG point B3. Since you are below taxable limit hence no need of paying tax.
4.) File your father's return now and claim the amount as a refund. You would be eligible to get it, though you might have to run around a little.

 

[shajay12]

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.

Hi Diosys,

Thanks a lot for the reply. You are doing a great job and helping people like me. I would always be in touch with you and all the members of this forum.

I am making my investments the ways you have said. Thanks.

Regards,
Ajay

 

[shajay12]

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.

Hi Diosys,

I gathered knowledge about equity investment you had said. Now i am looking for the ELSS schemes. I would inform you soon. If you have any suggestion do let me know.

Regards,
Ajay

 

[shajay12]

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.

Hi Diosys,

i would also request you if you guide me for some which ELSS is good or which equity plan is good.


Regards,
Ajay

 

[diosys]

Hi Diosys,

i would also request you if you guide me for some which ELSS is good or which equity plan is good.


Regards,
Ajay

For me...i have invested in

Magnum Tax Gain (have seen it given consistent returns, though a bit dwindling now)
Canara Robecco Tax Saver (Good fund)
HDFC Tax Saver (Good safe fund)

Before investing one must understand the investment pattern of the funds...That is how and in which type of companies do they put their money in....Tax funds which put in mid cap companies because of the lock in period are prone to larger loss but quicker and more gains...Hence before picking any ELSS study the investment pattern....The best site for the same i like is value research online...Excellent website.

 

[magnet]

Diosys sir.....

I was receiving house rent from my sis from past few years....

I Used to calculate income on it with the amount received minus 30% standard deduction on it......the remaining amount as my income....this time the lady over my CA while calculating the income also subtracted the maintenance ard 15k yearly from the amount stating(municipal taxes in Balance sheet) and said it also should be reduced and said so far whtever i used to do is mistake and 4get abt the past.........

Now yesterday i was seeing cnbc awaaz tax guru...Mr subhash lakhotia said only the taxes u pay should be deducted and not the common charges like lightning charges and all while filing......If the said is true do i need to worry.....becoz i guess if i calculate that way taxes comes to ard 6-8k instead of 15k

Also if said so if i get intimation than only refile return ?