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

[diosys]

Na main funda is..
husband wants to gift wife......
Thats why asked about the via route

The whole point in Income tax is if the transaction is proved to be a sham (as this would be) then through how many channels you re direct it, it would still be clubbed....but the point is IF you are caught....if not then you are simply lucky...

 

[magnet]

The whole point in Income tax is if the transaction is proved to be a sham (as this would be) then through how many channels you re direct it, it would still be clubbed....but the point is IF you are caught....if not then you are simply lucky...

Yup sir thanks sir for the advice.......was just asking for future knowledge purpose also got the point regarding assessing stuff

 

[wattax]

Please be specific...

As far as i know this scheme has been a failure till now.

Like: (1)are they a substitute for a CA? Meaning, would they take care of the 40L limit audit?

(2) Are they any good? (You kinda answered that... but still what was the reason for its failure?)

(3) Are they SAFE? I like the part how the govt site says that the preparers are responsible for any mistake they make in your IT return.

 

[VJAY]

CAnt help her getting avoided with the TDS part.... that would be deducted once the commision paid to her for the year crosses 2,500/-

As fas as getting that 800 back the only way is to file her income tax return and claim the same as a refund....That is the only way....

Dear diosys,
Thanks for the replay.can she now file the return?then which form to use file the return and how can this tds refund ask?please.....

 

[diosys]

Like: (1)are they a substitute for a CA? Meaning, would they take care of the 40L limit audit?

(2) Are they any good? (You kinda answered that... but still what was the reason for its failure?)

(3) Are they SAFE? I like the part how the govt site says that the preparers are responsible for any mistake they make in your IT return.

Ans. 1) NO....Plus i should add that they are no way near to a CA or to any tax consultant....

The rest two i would answer with this...

They are provided remuneration by the goverenment not on a fixed basis BUT on the basis of new ITR's filed plus a percentage on how much tax they were able to collect from such individual....

On one hand SEBI scraps the entry load for consumers saying that the distributor should seek money for his services and on the other hand the governement introduces such a scheme which is directly linked to the amount of tax collected by a TRP..... Kudos :clapping::clapping::clapping:

 

[diosys]

Dear diosys,
Thanks for the replay.can she now file the return?then which form to use file the return and how can this tds refund ask?please.....

I presume you are asking for FY 2008-09 or FY 2007-08. Then ITR-3

 

[VJAY]

I presume you are asking for FY 2008-09 or FY 2007-08. Then ITR-3

yes it's for 2008-09.

 

[wattax]

Thanks Diosys, one more thing:

Under what section would I file the interest accrued on a savings account?

 

[diosys]

Thanks Diosys, one more thing:

Under what section would I file the interest accrued on a savings account?

Not any section as such except it should be mentioned under the head of Income from other sources.

 

[bunny]

Hello Diosys, you are doing a great job in this thread.

My query is related to income tax and capital gain tax.

I am a fulltime short-term trader in FNO.

1. Do I have to pay income tax, capital gain tax, or both?
2. What is the tax rate for short term FNO and equity?
3. Can I offset my FNO profits against losses incurred in non-trading business

If I have to pay both CGT and income tax, how is it calculated?
Ex: Lets say my profit is Rs. 1000 in short term FNO. Assuming 30% CGT, balance amount after paying taxes is Rs. 700. If I have to pay income tax, is it applicable on Rs. 1000 or Rs. 700?

Thank you,
-Bunny.