Kindly provide Income Tax treatement on Profit or Loss arising from transactions of Index Futures.

Is the income from derivatives can be treated as Capital Gain?

I believe the Income arising from such F & O transactions can be treat as normal business, however for 44AB purpose, the sale value of F & O transactions will under tax audit report. Eg :

Sale of Index Futures Rs.50,00,000
Purchase Value Rs.48,00,000

Net Income Rs.2,00,000

In the above mentioned example the turnover is more than 40,00,000/- wil it cover under 44AB.

Kindly clarify.

Hie, i wanna discuss one thing with you guys rather wanna know the how to proceed further please help me out......

We have a client the main of whom is to deal in shares and securities the problem is that he had purchased some class of shares in different listed companies at the time when stock market was depicting 21,000-22,000. but now when the market reaches to 14,000 around.My view is to keep the value of share at its Realizable value as per AS-2 but management is of view that we cant do that because our intention is not to sell these shares in the coming session.

This issue has already been discussed with the management of the co. and i am strongly upheld my stand.

DO suggest me with the strong reason so that i can argue with the management.

I wanted to Know what is an accounting treatment for an Investments made by an Individual & Company

WHAT DO U MEAN BY LETTER OF ANTECEDENT

Hello,

Can i get the deduction of interest on housing loan, if interest amount is over Rs. 1 lac, then what amt i can claim Rs.1 lac or actual?

pls. tell me.

At what rate is TDS deducted for car hire charges for which no agreement is made between the parties???

Hi..plz let me know that if the tds on salary has been made due on 31 march of a particular year, then when is the due date of payment of such tds..is it 7th april or 30 april..?? plz help urgently.
Amita

Hi,

I am Santhosh S. Auditor & Tax consultant, One of my client paying loan principal Rs.2 lakhs and interest Rs.2 laksh against self occupied housing loan. Housing loan in the name of X (husban) & Y (wife) name but the property in the in the name of Y. Loan repayment is going form Y account. Y already having investment Rs.1 lack that she can clime u/s. 80c.
My question is shall I clime principal Rs.1 lac u/s 80c and U/s 24 Rs.1.5 lac in X account.
Please advice,

Please resolve the query -- I had bought a flat in 2004 for 25 lakhs that I sold off in June 2008 for 45 lakhs. In the Meanwhile I had booked a independent house in Feb 2006 for 65 lakhs for which I pay EMI with 7.5 lakhs as interest per year and 2.5 lakhs as principal repayment. This property was registered jointly in my name and my wife's name in April 2008. I have further invested ~10 lakhs in the interiors of this house in the past 1 year.
Assuming I made 20 lakhs as long term capital gains from the sale of my flat, can I nullify the same against the 10 lakhs I have spent on interiors and the EMI that I pay for my new house?

Dear Sir,
I am working in a limited company, recently (i,e 24.06.2009)our company change the name, what are the procedure to inform all department and also in which name i am going to file my TDS Q1 return.
kindly suggest me.

Thanking you,
Regards,
Ashish