Following Charges are incurred during security transaction in both STCG & LTCG

1. Brokerage
2. Exchange transaction charges
3. CGST & SGST ( in total IGST)
4. Securities transaction tax
5. SEBI turnover fees
6. Stamp duty
7. Dp Charges
8. Annual maintenance Charges ( AMC)

Can we account all the above charges as expenditure while we calcualte STCG & LTCG

Hi,

This is the summary of my ITR's.

FY 12-13 -> 44AD -> ITR 4S
Turnover - Rs. 301184
Profit - Rs. 301184

FY 13-14 -> 44AD -> ITR 4S
Turnover - Rs. 240000
Profit - Rs. 240000

FY 14-15
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 15-16
NO BUSINESS INCOME -> NO 44AD -> ITR 1

FY 16-17
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 17-18 -> 44AD -> ITR 4
Turnover - Rs. 750000
Profit - Rs. 750000

FY 18-19
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 19-20
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 20-21 -> NO 44AD -> NO AUDIT -> ITR 3
Turnover - Rs. 80,93,584
Profit - Rs. 7,72,655 (>6%)

FY 21-22
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 22-23 -> 44AD -> ITR 3
Turnover - Rs. 2,020
Profit - Rs. 1,010

Very Confused regarding 44AD !

1. As per me, It seems i have exited 44AD in FY 20-21 after using it for many years and reentered it in FY 22-23. Now as per 44AD, i have to use to compulsorily for next 5 Years means FY 22-23 to FY 26-27. I want to declare profit less than 6% for shares F&O for FY 23-24. If i do so, i will have to maintain books under 44AA and audit under 44AB? (Turnover is Rs. 26 L and Profit is Rs. 36000)

2. If I opt for 44AD for FY 23-24 also and declare profit at 6%, then I can opt out of 44AD only in FY 27-28?

3. The years where there is no business income to report will be counted for the counting in 5 Years for maintaining 44AD?

Thanks in Advance.

Experts, please advise on the below query.

Is the Indexation benefit applicable for US stocks in India. Say I hold MSFT for 3 years and later sell it, will I get Indexation benefit on this?

Second, is the surcharge of 15 pct flat on LTCG for value above 1 cr or are there slabs?

i have query regarding allowance received by judges during year end feb 2024. Now my few clients are judges I Could not understand where to show this allowances because it is huge amount like 27 lakh or 30lakhs for each judge.

in form 16 they simply added it in gross salary and deducted tax on it. Now judges are insisting that they want refund because all allowance are exempt

under section 10 is ok but sub section is also required please help

Dear Sir
I am facing issues while filling information regarding Add Nature of Business
Other than those declaring Income under sections 44AD, 44ADA and 44AE
under this I have to select Code and Trade Name. I have selected Code has 21008 Other services and Trade Name Note I worked in a company as an Accountant on CONTRACT BASIS. So can I mention name, please advise me


Kindly advise me because Under Business income there are 3 options available & one has to select at least 1 option which is mandatory. My income under u/s 194C is only Rs.1,92,203/- and TDS of Rs.1,924/- is deducted .
Also tell me how to fill various schedules
Kindly suggest me which option I have to select and also there is a reason because I have to file my revised return before 15th July, 2024.
Thanks & Regards.
V.Subramanian

Sir
I purchased property of 60 lakhs through bank loan and Saving. I filed form 26 QB also . But in AIS property value is showing triple . In bifurcation there is reporting from Sub Registrar office and TDS from 194IA for the same property. I submitted feedback as duplicate information Accordingly Value accepted by Tax payer got changed to correct 60 lakhs but processed value by system is unchanged . Also in 26 AS property value is showing correct 60 lakhs. This is for FY 2022-23. How to correct processed value in AIS

DEAR SIR,

ONE OF MY CLIENT SOLD EQUITY ORIENTED MUTUAL FUNDS LAST YEAR. THE PROBLEM IS DATE OF ACQUISTION OF THAT MUTUAL FUNDS REPORT COULD DOWNLOADED FROM THE DEMAT ACCOUNT. SOME OF LONG TERM AND SOME OF SHORT TERM.

IN THE AIS REPORT SHOWING THE DATE OF TRANFER ONLY NOW IN THIS SITUATION HOW TO FIND OUT THE DATE OF PURCHASED FUNDS. MY CLIENT SAYING IT'S WERE PURCHASED IN THE YEAR OF 2020.

NOW HOW TO DECLARE THE TRANSACATIONS

PLEASE CLARIFY ME

THANK YOU

Is it okay to change the classification of a debtor to a creditor if the closing balance of the debtor is a credit balance?

partnership firm turnover is 2.46 CR AND PROFIT IS 3% , I CANNOT OPT FOR 44AD BECAUSE I HAVE TO DROP 44AD BECAUSE OF TURNOVER EXCEED SPECIFIED LIMIT IN A.Y.2020-21,
MY QUESTION IS , firm IS LIABLE UNDER TAX AUDIT ????

A expires and leaves behind three legal heir. Subsequently one of the legal heirs expires. Does the legal heirs of deceased legal heirs will be reckoned as legal heirs of A?
Please advise