Hi All,

I wanted to post a query that has been niggling me after going through all the information on the internet on this and even after that I am left with more questions than answers.

Basically, I did my masters in the US and worked almost 2 years. I have saved up a good amount in my US bank account so that I can day trade US stock options from India, as I am planning to return to India soon.

I have read the LRS from the RBI website under which its prohibited to open margin accounts to trade derivatives in US stock market. But, as my brokerage will be funded from my US bank account, the amount will not fall under LRS, consequently, allowing me to trade US derivatives like Options from India. Firstly, I wanted to confirm if my assumption is correct.

If its correct, then, I wanted to know how I will be taxed on profits that I make on that. At what point should I file taxes? The income is considered taxable in a particular year only after I move the profits to an Indian account? or I should file the taxes regardless of it reaching my Indian bank account?

Apart from that, I also wanted to know if there is a way to legitimately trade foriegn derivatives from India if I choose to send money from India to may be US brokerage in the future to bypass LRS? may be through setting up an offshore company?

Thanks in advance as these will help me immensely. I am aiming to day trade US stock Options everyday as a profession. So any help will be greatly appreciated.

Thanks.

Dear Sir/Madam,

We have made application for 80-IAC after obtaining DPIIT recognition as start up company, now the application made for 80-IAC is as on 07/09/2021 and say it may get approved in October month of 20201.

my doubt is that, whether exemption shall be allowed from the beginning of the year i.e from 01/04/2020 to 31/03/2021? or from the date filing the application i.e 07/09/2021 to 31/03/2021 or from the date of approval to 31/03/2021?

please give your valuable opinion on this.

Thank you in advance.

Dear Sir,

I bought the car under lease plan on 2016 which is registered under SEZ zone, where the GST is not applied for EMI's now for the Residual Value (RV) of 25% (which is 1,15,000) for Wagnor car, the car lease team is asking to pay GST for 28% of around 35000 (including cess).

My query, Is GST applicable for RV which is under the SEZ zone as well what is the GST % (is it 28%)?

Thanks,
Suresh

Goods were supplied to a party in 2018-2019 but payment still not received. Can ITC of party be reversed by gst Department? What is the process for reversal?

We are private limited company having 1 unit in SEZ and another unit in DTA, Whether GST Need to be charged in invoice raised by SEZ unit to DTA ??

Respected Sir,

The moment we had filed March 20 ITR-6 we attached with the ITR-6 balance sheet and profit & loss account. March 20 ITR-6 we have filed but the Profit & Loss account and the balance sheet both are not attached therewith. As I have to refer to Profit & Loss and the balance sheet, what to do now ?

Please guide me and oblige.

Dear Experts,

Is Tax Audit applicable for Pvt Ltd Company For Loss Cases when turnover is 1 crore plus and with no cash payments nor cash receipts. The Company has a Loss. In such a case Can I Apply the 10 crore Threshold Limit and say Tax Audit is not Applicable for the company.

How to handle Companies with Loss .

Thank You for your Valuable Input.

Dear Sir,

We have not yet close the Books of accounts for FY-20-21, Where Invoice amount is wrong in the month of 17.July.2020, for this reason I have issued the credit note against the wrong bill on 07.09.2021. is this correct, if not why. if yes why. Please tell me the reason on urgent basis. It's to Important now.

Thanks in Advance

Sir
Let me know TDS is applicable on Apprenticeship and also confirm TDS rate and limit

My Friend sold one flat on 11/12/2020 for Rs. 8 lacs. It was purchased 5 years back for Rs. 4 lacs.
He purchased another flat on 24/12/2020 for Rs. 28 lacs. He took some home loan to buy this flat. He sold another flat on 28/05/2021 for Rs. 13 lacs. It was purchased 5 years back for Rs. 9 lacs.
My query is that whether he can claim deduction u/s. 54 in both financial years .i.e. FY 2020-21 as well as FY 2021-22.