Dear Sir,

My query is regarding how to show speculation loss on shares (intra day shares transactions) in Income Tax Return.

Total of Speculation share sale Rs. 74,00,000/-

Total of Speculation shares purchase Rs. 75,00,000/-, Thus net loss of Rs. 100,000/-

Total of all net Plus differences (i.e. Profit) Rs. 50,000/-

Total of all net Minus differences (i.e. Loss) Rs. 150,000/-

Besides this, there is a professional income of Rs. 4,50,000/- (after all deductions) for which no accounts are maintained.

From above, I wish to know:
1) Which ITR to be filled in? whether will this appear under Capital Gain schedule?

2) How to show speculation shares transactions in the ITR? Do I need to show share sale and share purchase as sale and purchase in profit & loss account in ITR?

3) Or show Net Loss under No Account case.

4) Whether this speculation loss can be adjusted against Rs. 450,000, show Rs. 400,000/- under No Account case.

Kindly guide.
Regards,
Suraj

RESPECTED SIR,

MY AGE OF MY CLIENT IS 78 YEARS.

HE IS RESIDING WITH HER MARRIED DAUGHTER AS HE IS NOT HAVING ANY OTHER FAMILY MEMBERS.

AND HER MARRIED DAUGHTER IS THE ONLY ONE FAMILY MEMBER.

HE RECEIVED THE RETIREMENT AMOUNT AND WITH OTHER SAVINGS, HE GIFTED THE SUM OF RS 14,00,000 TO HER DAUGHTER BY CHEQUE.

DOES THIS GIFT AMOUNT WILL BE TAXABLE IN THE HAND OF DAUGHTER ?????

Dear Experts

Do we always receive invoice before goods?

Is it possible that we receive goods before invoice?

If yes then what entry we pass when we receive goods? and what entry when we later receive invoice?

What is Receipt Note in Tally?

Shivani
shivaniadream@gmail.com

helo can you tell me how can i file service tax return i have a stc code which was applied by my advocate but i want to file my st3 own is it posible to file

Dear Experts

Repairs to Machinery
Depreciation on Machinery
Machinery Running Expenses like oil etc.


Are above direct or indirect expenses?

Why?

shivani
shivaniadream@gmail.com

hii friends my name is Shekar N I m working shriram finance I have one query in financial pls guyed me on of my client in ITR there are in the loss in asst year 2010-11 gross n net profit is on loss of 20.10lacs.still he is showing loss in books but turnover increased in every year it is possible.this year customer booked sales in 1.74cr the net profit is 2lacs n the gross profit is 3.85 lacs now he is applying businesses loan for us

Hello everyone,

Mr. X and Mrs. X were joint owner of a residential house property. they sold the house property (long term) and purchased a new residential house property within the prescribed time but only in the name of wife.

Entire capital gain was reinvested in new house.

ITO disallowed the exemption u/s. 54 to Mr. X and added 50% LTCG to his income.

I have seen some case laws in favour of the assesse and filing appeal before CIT (A).

I just want to know whether my case is strong enough and if any one can send me favourable judgement on similar facts.

Thanks in advance.

SRO0479662 sir, I registered CPT through online and I had already sent my pdf printout to delhi but I forgotten to mention date and place in the form. Sir please tell me what are the consequences for the above. Thank you.

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Hi all, We are a TamilNadu based consumer durables dealer currently selling products online through various ecommerce platforms like Snapdeal etc. We billl and ship to end users in other states as per orders provided by the ecommerce websites (c form not given). We purchase locally (within Tamilnadu) and having been effecting the sales at the current VAT here at 14.5% output. We are also availing input tax credit at 14.5% for the corresponding purchases. Are we right in doing so as we heard that ITC cannot be availed for interstate sales without C form as per a recent government order.We bill to the end customer and payments are made by a sister concern of Snapdeal to our account. Kindly provide your valuable inputs with regards to TNVAT and suggest alternatives as I know of a huge number of dealers currently facing the same issue without proper guidance. Any help would be much appreciated.

Read more at: https://www.caclubindia.com/forum/request-clarification-on-availing-itc-interstate-sales-tnvat-288488.asp#.U0mj9dJkPHo