This Query has 5 replies
what is a F&O turnover and purchases , and how turnover - purchases = profit arrived at?
This Query has 2 replies
Are persons working abroad required to file income tax returns in India even if their stay in India is less than 182 days and if their income is below taxable limit. DDIT issued notice calling for assets held abroad.
Can the experts throw light in this aspect please....
This Query has 2 replies
My wife got her share of Rs.10 lakhs out of sales proceeds of agriculture lands in the name of her grandfather
Whether this amount is taxable income
If yes, what is the remedy available so that she need not pay Income tax on this amount
This Query has 1 replies
Sir
Mr A 35 year purchased flat in joint name Mr A and Mrs A. ( wife is house wife) .
Can he let out property and show rental income as his wife's income. Rent agreement done wife's name.
Since last 2 years he is showing income as wife income . Just to save tax .
Clubbing of clause affected ?
He is doing right ?
Please advise
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If someone is running business and filed ITR 4 OR 3, whatever the case,
Then If He Scored Good Mark in Government Exams (State Or Central) Then Any Problem Arises In Getting Job ? Like He is already earning, Or He is already stable like that? OR Name not listed in merit list because of Filling Tax return like that?
Is there any case about that ? Please let me know
This Query has 1 replies
Could you give me the Personal Account Examples?
This Query has 6 replies
Actually I have filled my income tax and income tax department processed the same. Now I received a message saying my CRN expired. I did not generate multiple challan and my itr already processed so what does it mean
This Query has 3 replies
As F&O is normal business, there are 2 options. One is presumptive taxation and the other one is to show books.
PRESUMPTIVE TAXATION:
FUTURES:
Absolute profit and loss is the turnover for Futures trading i.e let's say we earned profit of Rs. 100 in one trading and suffered loss of Rs. 100 in another one. So, turnover will be Rs. 200
OPTIONS:
For loss transactions in Options, Turnover = Absolute loss + Sale Value. So, turnover will be buy value.
FIRST DIFFICULTY comes with calculation of turnover for profit transactions in Options. Trading platforms like Groww, Angel One etc.. suggest Turnover = Profit + Sale Value. But Tax Guru suggests Turnover = Profit value. So, which is the correct one?.
SHOWING BOOKS:
Even if I have suffered losses, I have to show a minimum of 6 percent profit under presumptive taxation. To carry forward losses, there is no other option other than to show books. But how is it possible practically? To show such a huge turnover as discussed in presumptive taxation and to arrive at a negative figure. CORRECT ME IF I AM WRONG.
This Query has 1 replies
A has purchased tenancy rights from B by buying on ownership basis a flat for B in the year 2000. Thereafter tenancy was transferred by Landlord in the name of A. The Landlord redeveloped the said property and gave a flat to A in the new building by executing in the Permanent Alternate Accommodation in lieu of his A surrendering his tenancy rights. The said Agreement was executed and registered in Oct 2001. At Present A is in the process of selling the said flat.
Query?
What will be the cost of acquisition of the Alternate flat given to A?
a. The cost incurred for purchasing flat for B.
b. Market value/Stamp duty value of new flat given to A in Oct 2001.
Kindly advise.
Thanks
This Query has 1 replies
can anyone explain me the complete income tax provision relating to tax on indian cricket and bcci. if possible find refer me the books i need to touch down for the same
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
F&O turnover and purchases