Hello friends
Back on this forum after a long time and I have recieved very good info and help in the past from caclub :)
I am going to file my first IT return this year and I have decided to do it myself just for learning purpose. ITR 2 is appropriate for me as per my understanding. MY sources of income are:
1) Salary
2) Bank Interest
3) Capital Gain/Loss (Stock Market)
The list of queries/doubts starts here :) (pardon if some of my queries sound very silly)
1) I have made some Short term capital losses in the last yr. how to carry forward the loss to next yr? Which section in ITR2 needs to be filled for this. Plz be specific
2) Are intraday gains/losses treated same as short term capital gains/losses for taxation or there is some difference? Plz clarify
3) I have started a 5 yr tax saving fd last yr and I want to show the interest on accrual basis. Do I need to declare anywhere that I am showing income from interest on accrual basis? if yes, where?
4) My trading and demat a/c are with kotak securities. The consolidated profit & loss statement provided by kotak sec for the whole FY doesnt takes into account some brokerages (stt .. etc). What components does cost of acquisition and cost of improvement contain? I guess I will have to take each contract note of the entire yr individually to calculate these. Also, there is a demat charge of Rs. 21 on each delivery sell trade. Can I add these to cose of acquisition/improvement? Plz explain these things in detail w.r.t. to ITR2
5) I have availed medical allowance from employer which is tax free (upto 15000). where to show this amount in the ITR2 form? under which section does this exemption falls?
6) Last date for filing return if I want to carry forward losses in 31st july. right? else its 31st march 2012. am i correct? But, when is the last date to pay outstanding tax? I am about Rs. 300 tax to pay.
7) How to pay the tax online?
8) I want to submit the ITR online too. Is there some risk? is 31st july last date for online submission or for the ITR-V to reach bangalore? Plz give some tips about online filing and the process.
9) can online ITR copies be used as proof while applying for bank loans? or is it better to submit itr offline?
Plz help me. Thanks
CAclubindia
