02 May 2011
If the person has only speculative profit during the year, then how to show this in the IT return? What will be Rate of tax?
Also I wish to know following: Suppose, speculative profit on share trading for entire year 2010-11 comes out to Rs. 10000 which is assessed now. No tax is paid till date. Whether the advance tax was required to be paid earlier?? If not paid whether Interest is required to be paid? what will be the rate? How is the same calculated? Tax payer is an individual.
03 May 2011
speculative profit is subject to normal rate of taxation.No special tax rate applies. it depends u[pon your income,gender and age. assuming you are male below 65 years, then rate of tax is-upto 160000- nil,160000 to 500000= 10%on above 1.6 lac+ edu cess @2%on tax amt + hr. edu cess 1%on tax amt.,500000-800000=34,000+ 20% of above 3.00lac+ edu cess 2%on tax amt.+hr. edu.cess 1%on tax amt.,above 8,00,000 94000+ 30%of above 8Lac + 2% edu Cess on tax amt + 1% hr. edu cess on tax amt.
no tax on income of Rs. 10000 if you are not having other income.if having other income too then add Rs. 10000/= in your other income and then calculate.
03 May 2011
Dear Sir, STC Loss on Shares = Rs. 545000 Speculative Profit = Rs. 234500 This means STCL of Rs. 545000 can be carried f/wd for next 8 years and Rs. 243500 of speculative profit on shares will be taxed as per normal tax slab rates for individual. Under which head this gain & loss needs to be shown? Which ITR to be used??
04 May 2011
In ITR - 4, What will be the nature of business to be chosen for the purpose of showing this STCL and Speculation Profit? This person is individul.
CAclubindia
