tag:blogger.com,1999:blog-2004257931445490362.post5338146396104518109..comments2024-03-26T15:10:46.095+05:30Comments on SIMPLE TAX INDIA: PAY LESS SHORT TERM CAPITAL GAIN -HOW?RAJ KUMARIhttp://www.blogger.com/profile/12854260124513086419noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-2004257931445490362.post-67832937062025344832016-03-08T11:11:40.922+05:302016-03-08T11:11:40.922+05:30At present NHAI bonds are covered
http://www.nha...At present NHAI bonds are covered <br /><br />http://www.nhai.org/bonds1.htmlRAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-64521003663675812782016-03-08T08:03:52.796+05:302016-03-08T08:03:52.796+05:30is nabard exempted under sec 54 ec (capital gains ...is nabard exempted under sec 54 ec (capital gains tax on property)jaihttps://www.blogger.com/profile/05927977082955003547noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-90791995762491987062013-08-06T15:48:54.310+05:302013-08-06T15:48:54.310+05:30As per Income tax rules LTA is exempted as per act...As per Income tax rules LTA is exempted as per actual expenses . A fixed amount of 15000/- is not provided in rules. So you can deduct as per actual subject to some conditions which are provided under following link<br /><br /><a rel="nofollow">LTA deduction u/s 10(5)</a><br /><br />Further ,if you wanted to claim deduction in itr then this deduction is to be deducted first from salary then net RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-75875262777996484652013-08-06T15:10:50.004+05:302013-08-06T15:10:50.004+05:30I couldn't reply to the earlier response, so w...I couldn't reply to the earlier response, so writing a new one.<br /><br />My employer gave me LTA of Rs.50000. Its clearly mentioned in the Form16. He didn't give the Rs.15000 expense as non-taxable. So I need to show it in my ITR to claim the LTA deduction. How can I do that?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-79100065080672562642013-08-06T12:02:27.560+05:302013-08-06T12:02:27.560+05:30LTA amount can be deducted from income only if it ...LTA amount can be deducted from income only if it has been reimbursed by your employer and added to your salary income first.<br />In brief no impact of LTA on net income. <br /><br />In your case LTA is not being paid by employer to you but you have incurred expenses .so You can not claim LTA deduction RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-87381162945062504302013-08-06T11:34:47.281+05:302013-08-06T11:34:47.281+05:30I have already filed my IT Return, but forgot to d...I have already filed my IT Return, but forgot to deduct the LTA Amount. My company didn't accept my LTA Claim as I have taken only 4 days leave (the company rule says I need to take at least 5 days leave).<br />Now can I file a revised return deducting the LTA Amount of 15000/-? Which work sheet I need to use to input this amount in the IT Return (ITR-2)<br /><br />ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-41382913406920069332013-07-28T15:11:32.588+05:302013-07-28T15:11:32.588+05:30you should file return with available figures , No...you should file return with available figures , No tax is payable by you as your income is less than 200000 RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-40387526776245073852013-07-28T13:58:28.215+05:302013-07-28T13:58:28.215+05:30I have paid ppf of 20000 and LIC policy u/s 80d of...I have paid ppf of 20000 and LIC policy u/s 80d of 15000 (for my parents). The problem is I don't know the exact details of the salary from the first company only approx figure of around 48K.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-10151128796760907052013-07-27T23:06:47.640+05:302013-07-27T23:06:47.640+05:30If you have used your car in business then you can...If you have used your car in business then you can claim depreciation and other exp.RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-27288340580852772212013-07-27T22:54:39.212+05:302013-07-27T22:54:39.212+05:30your total income is 50 +140+40=230 pls provide yo...your total income is 50 +140+40=230 pls provide your saving details like lic premium ,epf, etcRAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-7374856626891265992013-07-27T17:39:44.813+05:302013-07-27T17:39:44.813+05:30Hello Sir
last year I have worked in two companies...Hello Sir<br />last year I have worked in two companies getting a salary of Rs.50K and Rs.140K. plus I have some capital gains - around 40K.<br /><br />the first company has not issued me form16 saying that since they haven't deducted any tax, they don't have to issue Form16. I have the Form16 from the second company, but they also haven't deducted any taxes. now how do I file my Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-28143851656609566032013-07-27T17:29:40.298+05:302013-07-27T17:29:40.298+05:30Thanks
Have one more query. I am now filing ITR4...Thanks<br /><br />Have one more query. I am now filing ITR4 and showing the derivatives income as business income. <br />Last year, I purchased a car costing around 8L in November. I believe I can claim depreciation of the vehicle. How much depreciation can I claim and under which section I need to show it in the ITR? I believe I can show all expenses (car, accessories, taxes, insurance, etcAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-74233460296051173312013-07-17T20:00:54.552+05:302013-07-17T20:00:54.552+05:30Unfortunately, you can not adjust losses before 01...Unfortunately, you can not adjust losses before 01.07.2013 with profit on or after 01.07.2013 RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-67597698410393851002013-07-16T11:03:09.210+05:302013-07-16T11:03:09.210+05:30thanks for the clarification. this brings a new d...thanks for the clarification. this brings a new dimention on commodity gains/losses.<br /><br />last year as well as this year till jun end, there is no CTT and I have losses. and that was speculative loss.<br /><br />now after jul1, I have gains. now that I am paying CTT, thsi is treated as business income. <br /><br />cannot I adjust this gain against the earlier loss?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-238298138390125712013-07-15T20:36:49.583+05:302013-07-15T20:36:49.583+05:30You have to fill itr-4 ,speculative loss can be se...You have to fill itr-4 ,speculative loss can be set off against only speculative income <br /><br />suppose you have profit in stocks f & o and loss in commodities then you have to pay tax on stock F & O an can not set off against commodities loss<br /><br />RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-47337633831678424712013-07-15T17:22:34.505+05:302013-07-15T17:22:34.505+05:30thanks for the clarification.
sorry, didn't un...thanks for the clarification.<br />sorry, didn't understand the diff between business income and speculative income. how do I treat them when I am filing the tax return? I suppose I can still use ITR-2 to show the gain/loss in all the above casesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-83844899394790324042013-07-15T14:12:24.695+05:302013-07-15T14:12:24.695+05:30On shares yes 111A applicable
on derivative it is...On shares yes 111A applicable <br />on derivative it is treated as business income and not covered under section 111A . stt paid will be treated as exp.<br />On commodity derivative ctt was not applicable in last fy :correct and it will be treated as speculative income<br />currency derivative through recognised stock exchange is treated as business income otherwise speculative income<br /><br />RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-1757807288026655022013-07-14T14:40:04.655+05:302013-07-14T14:40:04.655+05:30Need some clarity on how to treat the following sh...Need some clarity on how to treat the following short term capital gains. Pl confirm<br /><br />on shares: I believe section 111A is applicable. <br />on equity derivatives: again I believe 111A is applicable as STT si paid<br />on commodity derivatives: there is no CTT for last financial year (this assessment year). is 111A applicable or does it have to be treated otherwise and gets added Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-32176508190523351522012-07-06T14:08:58.831+05:302012-07-06T14:08:58.831+05:30This comment has been removed by a blog administrator.Anonymousnoreply@blogger.com