Hello,
I am new trader, I guess i have my per day transaction for included BUY and SELL is more then 10000, But my actual income is such as 500.
Then my question is in income tax what value will be calulated 500 or on 10000.
In in all tearm which form will be applicable for income tax, Please give me details
Thanks & Reagrds
Rakesh
India
Not able to understand your Question Dear.. please give clearification proper
As per your Question think so.. RS.10,000/- is your turn over and 500/- is your profit of Business..
what do you want to calculate ? It's two different things and both are consider in Income tax..
Supose i buy a share company name HCL rate 45 value 100 and Sell rate 55 value 100, In that condition i have total bought 4500 and Sell 5500 and my Net profit is 1000 Rupees only,
Then my question is which ammount will be calculated in imcome tax, And how to calculated.
if you earn above Rs. 180,000/- or above (As per financial year 2011-2012) on particular Business then you have to paid tax as Individual basis.
In Rs. 180,000 Which ammount will calculated only 1000 Rs which i have Net earned ?
Or total transaction like in this example is 10000. ?
Mr. Rakesh Kumar,
Your turnover Rs. 10,000 is not considered as your income. Only your profit Rs. 1,000 is considered as taxable income.
Exemption limit for A.Y. 2013-14 is Rs. 2,00,000.
Net Eared Rs.1000/- should be consider as your income. and do remember your turn over also consider in income tax for other purpose.
YOU HAVE TO FURNISH ITR-4,
=YOUR TOTAL INCOME-2,00,000 (BASIC LIMIT)...
HERE YOU HAVE EARN RS.500 PER DAY SO...PER YEAR 1,80,000...SO NO TAX ONLY NIL RETURN.
Hello Bhargav,
"your turn over also consider in income tax for other purpose."
For which purpose ??
And Here turn over means - total transaction like 10000 or somthing else??
Dear rakesh,
It is the income that you earned i.e profit arising of your activity shall be considered for slab rate purposes. Therefore, only the income part is included for calculating the slab rate purposes. Moreover, short term capital gain taxable @ 15% provided,its long term gain exempt under sec10(38).otherwise it shall be taxable as per slab rate.
And also no deduction shall be allowed under chapter VI from the short term capital gains.
Your turnover considered for audit purpose. That means if you cross the 1 crore than you have to done audit your books of accounts.
| Originally posted by : CA Jainam | ||
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Your turnover considered for audit purpose. That means if you cross the 1 crore than you have to done audit your books of accounts. |
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CAclubindia
