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

[diosys]

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 ?

Only PAID taxes are allowed as a deduction and not taxes which are PAYABLE....hence deduction for TAXES only when paid...

 

[toingpoing]

I am a full time trader in FnO and I would like to have clearification on this--- Suppose I make a profit of 300000 in trading Reliance Futures and incur loss of 100000 in trading Nifty Futures,what would be the NET TAXABLE amount or profit? And if I incur a loss of 50000 in Equity intraday trading,what would be the amount for taxation. Pls clear...Thanks.

 

[diosys]

I am a full time trader in FnO and I would like to have clearification on this--- Suppose I make a profit of 300000 in trading Reliance Futures and incur loss of 100000 in trading Nifty Futures,what would be the NET TAXABLE amount or profit? And if I incur a loss of 50000 in Equity intraday trading,what would be the amount for taxation. Pls clear...Thanks.

For the first question there would be a taxable profit of Rs. 2,00,000

For the second question there would be a taxable profit of Rs. 2,00,000 with a carry forward for 4 years on the speculative loss of Rs. 50,000 on account of equity intraday.

 

[drkailas]

hello,

This is Dr.kailas an ayurveda doctor. For my professional expertise iam invited to the european countries and few other countries for lectures and consultations for which the local institutions pay me some amount in cash currency euros, ijust want to know whether this currency when i convert in india is it taxable if yes how??
plz reply soon.

Thanks.
Dr.Kailas.

 

[diosys]

hello,

This is Dr.kailas an ayurveda doctor. For my professional expertise iam invited to the european countries and few other countries for lectures and consultations for which the local institutions pay me some amount in cash currency euros, ijust want to know whether this currency when i convert in india is it taxable if yes how??
plz reply soon.

Thanks.
Dr.Kailas.

It depends on your residential status whether the amount you earned outside India would be taxable in India or Not ???

For how many days did you stay out of India in FY 2007-08 and FY 2008-09 ?

 

[subodh9]

I am working in Pvt. Company.
I would like to know the best option for pension scheme ( Considering the IT ). I would like to get pension of aprrox 20,000/- Rs.
As from 2011 PPF money will be taxable.
Regards,
Subodh

 

[diosys]

I am working in Pvt. Company.
I would like to know the best option for pension scheme ( Considering the IT ). I would like to get pension of aprrox 20,000/- Rs.
As from 2011 PPF money will be taxable.
Regards,
Subodh

So would be the pensions recieved !!!....

Infact in that regime anything which is recieved back would be taxable including PPF withdrawals....

So on Income Tax funds it does not matter where you invest (seeing the Direct Tax Code 2009)....It might change when the final act is implemented.

THOUGH WOULD LIKE TO HIGHLIGHT ONE THING TO ALL....ONLY THAT MONEY WHICH IS PUT IN AFTER ENACTMENT OF THE NEW LAW WOULD BE TAXABLE WHEN WITHDRAWN AND NOT THE MONEY WHICH YOU HAVE PREVIOUSLY PUT IN BEFORE THE ACT CAME INTO EXISTENCE....

 

[drkailas]

i havd stayed only for 8 days 2-3 times in a year.

 

[diosys]

i havd stayed only for 8 days 2-3 times in a year.

Then it would be fully taxable in India. It would not matter if the income is in foreign currency or Indian rupee.

 

[drkailas]

but someone said me if you earn foreign currency then there is a exemption according to FEMA.
is it so??
Thanks for your replies.