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Nitish Vaishnav
I am govt employee and want to do future and option (intraday) trading on behalf of my sisters who is contractual employee(not regular govt employee) by using her demat account. I want to know that can i do trading by depositing my money to her demat account or i have to do trading with her money ???
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Since you want to do trading from your sisters demat account, its better that you use your sister's funds only. Otherwise open a demat account in your name and carry out the trading from your own funds.
CA Shruti Goyal 1 Aug 2022Hello
It doesnt matter whose money you use, tax will b applicable on your sister as it is her demat account with her PAN.
For further clarification contact cashrutigoyal127@gmail.com
Dear Nitish Vaishnav,
There is one solution in your matter, Open a bank account in your sister's name specifically for trading purpose & keep its Log in Password with you. Link that account with demate account.Whenever needed transfer your money in that account and letter on do trading with that. But everything depends on your understanding with your sister. This is complex solution. Better to trade in your name.
For further assistance you can approach us on ca.rahuldwivedi@gmail.com or 9004485377
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Ayush
I am a student and my father gives me 1.80 lakh annually as a pocket money, can i file itr of 5 lakh? I have agriculture land which is managed by my father.
Money received from your father as pocket money is not taxable. Agricultural income is not taxable however it is taxable in some conditions. For further clarification plz contact cashrutigoyal127@gmail.com
T&C applyA
Ashutosh
If gross salary is Rs. 86606 per month then what will be net in hand salary per month after income tax deduction. There is no other deductions.
D
Deepak
I have income only from Dividend and FD Interest. I have loss in FnO trading. The loss is more than total income.
How am I supposed to file returns? I understand I am required to file overall Loss and need it to be audited. What is last date for me? Do I need to file before 31st July and get it audited later, or can I file after 31 July and the CA can file and audit it before 31Oct.
Mr Deepak, most probably audit will not be applicable in your case and you have to file ITR before July 31 However need expect figures of your f&o turnover to provide proper consultation. For further consultation you can approach me on ca.rahuldwivedi@gmail.com or 9004485377
CA Hunny Badlani 31 Jul 2022Hello,
You have two options,
1. File return with complete books (Balance Sheet and P&L) and claim loss, the due date in this case would be today 31st July 2022.
2. You can go for tax audit and claim loss, the due date in this case for tax audit would be 30th Sept 2022 and for return would be 31st Oct. 2022.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
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Devasish Sharma
I had 3 years of service in 2011-2014, 1.5 years of service in 2019-2020, and 4 months of service in 2021. I have withdrawn the entire PF amount from these 3 employments in March 2022. The amount was 3.4lakh and a TDS of 10% was deducted. Can I avail refund on the TDS on the withdrawal as the first PF account has been in existence for 11 years now and the other two PF accounts are in existence for less than 5 years. If I have to pay taxes, how will it be calculated. Please advice.
Hello
The amount of pf which is more than 5 years shall b exempt both employer and employee contribution along with interest . The amount which is less than 5 years will b taxable employers contribution will b taxable under salary and employee contribution will b taxable if u have taken deduction of 80c in earlier years entire interest will b taxable in other sources.
For further queries plz contact at cashrutigoyal127@gmail.com
Thanks
