Tax computation for senior citzen
My CA fills up the details of my share trading and all calculations are there in an instant but when I try to fill up online there are so many questions to answer and no calculations are available. I just struggle and ultimately request the CA for the ITR. Please guide, is there some ready reckoner with the CA and where can I get it? more
FUNDAMENTAL CHANGE IN INCOME TAX , WE CAN LINK THE INCOME TAX - WITH SOCIAL SECURITY , BY CREATING ONE MORE CIRCLE , " VOLUNTARY SCHEME " . THE" VOLUNTARY SCHEME " MEANIES FOR - EXAMPLE TAX CALCULATED FOR "A" IS RS 1 LAKE , HE MAY PAY EXTRA 25% MORE TO TAX , LIKE RS 1.25 LAKE AND HE MUST COVER UNDER " SOCIAL SECURITY GROUP" AND IT COULD BE CONTINUE TILL "A" PAYS THE INCOME TAX AFTER THE AGE OF 60/65 YEARS OR IN ANY OTHER CASE OR NATURAL CALAMITY OR UNTOWARD INCIDENT HAPPEN LIKE DISABLED AND CAN NOT WORK ANY MORE IN THAT SITUATION THE ENTIRE CONTRIBUTION TO INCOME TAX WHAT HE PAID TILL THAT DATE THE GOVERNMENT SHOULD PAY THE " INTEREST" ON THAT TOTAL , AMOUNT AND THE INTEREST INCOME MUST BE TAX FREE FOR HIS SURVIVAL TILL LAST more
In share dealing, Pritam, there are two sections, one is short term gain/loss and the other is longterm gain/loss. Longterm is if you keep the share for one year and more and then sell. It attracts no tax. Even if you donot show, nothing much happens. ALl tax free bonds need not be shown. Only for short term gain/loss, you have to keep track of at what rate you bought and at what rate you sold including brokerage and tax, and then calculate the gain/loss every quarter and put it on the columns provided. and the total also. Online it will automatically give you the 15% tax as you shall put it in the same row. Long term also can be inserted but it doesnot affect the tax. If you hve made a loss last year, then you can carry forward the same for next 8 years and set it off against your profit if any.This is also shown in the second last row where you show the short term gain.
If you see your last year return you shall know the cells to be filled in. Its infact very simple.
If you are with ICICIDirect then they provide all this information on their site itself as you log in, and you have to do no calculations. Just break it up into quarters and plug in both the annual and quarterly figures. more
Dear Sh. Pritam Sharma Ji, A ready reckoner can only work as a guide in calculations, it is only experience and regular dealing of such matters by your CA due to which he/she is able to do calculation so fast although he/she may have some software which do all the calculation in a fast way. Still if you want to fill your ITR yourself you have to give your time to read and understand Income Tax Act in detail. Income Tax Ready Reckoner of Garg's or Taxmann Publications can be of help to you. Still I will recommend getting your ITR filled from your CA as they are experts of their field. Their fees is nominal compared to benefits one derive from their services. I am writing so not because i am also a CA because we know the value of services we provide. more
Thanks Mr Anand Richhariya for the compliments and Mr Kuldeep Rana you are always welcome. I had given my contact no and mail id here in a reply but again I am reproducing here for your ready refrence and it will be preferred that you send your details through mail.....contact no is.......09899390850..........and mail id is......firstname.lastname@example.org
Mr Rana you may contact me at any time conveninet to you.....and dont worry as I am not going to charge you with any professional fee..... more
It is extremely nice of the circle members to find solutions to the problems of other co fellows. I too have a problem with the payment of TDS on new property costing above 50 lakhs. The amount to be deposited is appox 43000/-. The returns to be filled are 14 as it is a joint property with my son. I contacted two CAs. One asked me to pay 11000/- as his fee and the other Rs 650/- per return. I request Mr Goel to suggest if he can help me and gives his contact number. Charging 25% of the amount is really very big professional fee.
Thanks everybody, thanks circles. more