Ask Me Anything on ‘taxation and ITR filing for investors/traders’

I consider, they are going to be handled just like abroad FOF

STCG ≤ 24 months – Slab charges

LTCG > 24 months – 12.5%

Edit: After looking on this matter, i got here throughout this information article which means that since worldwide ETFs are listed on inventory alternate the holding interval can be 12 months for LTCG and never 24 months

Consult with this for additional readability on worldwide ETF taxation https://www.google.com/amp/s/www.business-standard.com/amp/markets/information/gold-and-overseas-exchange-traded-funds-likely-to-get-the-tax-edge-124072501193_1.html

Hey @drsthakrar,

As per the current change in Earnings Tax Utility, rebate u/s 87A is disallowed for all particular price incomes which incorporates STCG and LTCG from shares and MFs beneath the brand new regime. Furthermore, solely incomes taxed on the slab price are thought-about for eligibility of rebate. Therefore, if different incomes are lower than ₹7L, rebate can be allowed.

Hello @ron94,

When you enter the acquisition date for a earlier yr, the depreciation allowed can be calculated contemplating the depreciation that has already been claimed. For instance, if the yr of buy is 2023 and the price of the pc is ₹1,00,000, 40% depreciation can be allowed, which suggests ₹40,000 can be added as an expense. If the yr of buy is 2022, the price of the asset can be thought-about ₹60,000 (₹1,00,000 – ₹40,000) after taking final yr’s depreciation under consideration, and ₹24,000 can be allowed as a depreciation expense.

In Quicko, once you enter the acquisition date of the asset, the system will routinely account for the depreciation claimed in earlier years.

Hope this helps!

Hey @drsthakrar,

As per the current change in Earnings Tax Utility, rebate u/s 87A is disallowed for all particular price incomes which incorporates STCG and LTCG from shares and MFs beneath the brand new regime. Furthermore, solely incomes taxed on the slab price are thought-about for eligibility of rebate. Therefore, if different incomes are lower than ₹7L, rebate can be allowed.

are you able to clarify with instance of modifications earlier than and after this finances, suppose enterprise earnings is 6lakhs and LTCG is 20lakhs? Then how a lot would be the tax liablity?

Related provided that you bought shares/items that you simply acquired on or earlier than Jan 31, 2018. On this case it’s essential enter particulars of every such transaction in Schedule 112A.

Can capital positive factors from debt securities be categorized as enterprise earnings because it was meant to assist in f&o buying and selling

Hello @Quicko ,

Would actually love some some assistance on this.

Thanks

What’s 80 TTA ? Methods to make use of the identical ?

You’ll be able to take exemption upto 10000 Rs every year if you happen to obtain curiosity in your financial savings account, @sriramnpkt

Notice: the above exemption applies solely on financial savings account and no such deduction is relevant to FDs or recurring deposits.

Thanks, what if I neglect to reveal a SB account which earned curiosity throughout the class restrict ?

Will there be any repercussions ?

You must be capable of see the curiosity earnings you earned in your AIS.

If the deviation between AIS and the actuals is simply too large, it’s possible you’ll get a discover to revise your return once more. Nothing to fret majorly I might say.

Higher to seek the advice of your monetary advisor in case that occurs

You’ll be able to take exemption upto 10000 Rs every year if you happen to obtain curiosity in your financial savings account,

i feel that is gone in new tax regime.