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Avin Rai

Category : Employer..,

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December 27, 2018 8:27 pm

Sir, my brother is working in STATE BANK OF INDIA on contract basis. So, what will be his employment category.

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Amlan Dutta

You can select public sector unit though it makes no much difference...the income qualifies as professional receipt and not salary receipt and the TDS deducted shall be at the rate of 10 %under 194 J.......

December 28, 2018

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Avin Rai

Thank you for your help sir.

December 28, 2018

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D Bilimoria

Category : Capital ..,

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December 27, 2018 12:35 pm

Hi,

Please review the link referring to share buybacks, which appeared in the Chartered Accountant Magazine December 2018.

http://www.sjassociates.online/wp-content/uploads/2018/12/cajournal-dec18-21.pdf

My question resulting from the above ( due to inadequate understanding)

I do not qualify '' as a sma...

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Amlan Dutta

Since securities transaction taxes have been paid, we will look at sections 112A and 111A for guidance.
For the case in point , company is listed on the Stock exchange and is doing buyback from recognized stock exchange implying...

December 27, 2018

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Amlan Dutta

December 27, 2018

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Shriya

Category : Exempt I..,

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December 27, 2018 12:03 pm

Hello Sir,

If i (a salaried employee) have lent out money with an agreement to someone and there is a default - can i set off this loss due to default on my salary or other income?

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Amlan Dutta

No , it can't .......

December 27, 2018

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Moin Shaikh

Category : Intimati..,

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December 26, 2018 4:43 pm

I file ITR 2 In that in STCG i enter losses from equity (Delivery and Intraday) but i got notice from the department I also add photograph of form and notice related to schedule STCG so please see that and guide me.

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deepak

deepak

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deepak

sir u r gr8

December 27, 2018

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Amlan Dutta

Moin, the way in which you have presented the losses is wrong and is therefore not being accepted by the department ......

Let me help clarify with a example ...............

Say, I buy some stock for 100 and prices fall down and i have to sell for 80 , i incur a loss of 20

How do I show this loss of 20 Rs
First, i have to show the sale price (i.e Full value of consideration) as Rs 80 ,

Next, I will put in cost of shares i.e cost of acquisition i.e
100 Rs
So, the Loss = Sale price - Cost price = 80 - 100 = - 20 Rs is arrived at and this calculation is done by the return itself ...you are not supposed to write the loss directly ...you just put in sale price and cost price and let the return arrive at profit /loss as the case may be

What you have unfortunately done is directly put the loss of Rs 20 in cost of acquisition , which is not right ...

The department in its assessment is also trying to hint at the same thing i.e that the assesse is stating that he has sold stocks for 0 Rs ( i.e you have shown the sale price i.e the full value of consideration as 0 rs ) but is trying to claim expenses (i.e you are trying to claim losses in cost of acquisition where you are actually supposed to fill cost ).....
This is not possible i.e selling something for 0 and showing cost ( loss) as expenses and so they are disallowing it ....what it bizarrely means you have not sold anything and still have arrived at profit /loss which is not possible ...once you sell only, then based on whether the sale price is more than the cost , loss/ profit can be determined

To correct this , as you can see, you have been given options to file a revised return computing loss as i have indicated by first putting in sale price and then deducting cost to let the return compute the net profit or loss

( Note, it is good that the department doesn't know that you have done intraday else things would have been worser ...CG schedule is not applicable for intraday ..it is just for delivery ...you have to show delivery under Capital gains and intraday under business if you want to file correctly While revising using section 139(5), you may want to take this into account )

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December 27, 2018

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Amlan Dutta

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December 27, 2018

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deepak

sir u r gr8

December 27, 2018

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