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How are derivatives taxed in India?Income from derivative transactions are taxed as business income irrespective of the volume or turnover. If you’ve traded in derivatives, ITR 4 (the form for reporting business income) needs to be filled. Even if you’re a salaried person, you’ll still need to fill ITR-4 if you’ve engaged in any F&O trades in the last FY.Under Section 43(5), a business is categorized as speculative or non-speculative.Speculative business income: Income from intraday equity trading is considered as speculative.Non-speculative business income: Income from trading F&O (both intraday and carryforward) on is considered as non-speculative business. F&O is also considered as non-speculative as these instruments are used for hedging and also for taking/giving delivery of underlying contract.Maintenance of Books of accountsAll the transaction carried out need to be recorded. This includes buy/sell transactions, expenses like electricity bills, demat charges, phone bills, advisory fee etc. In case a trader is involved in multiple forms of trading in shares like intraday trading, F&O, making investments in MFs, holding shares for more than twelve months from the date of purchase, the business income from each of these must be declared separately since the tax treatment differs based on the type of dealing. The common expenses can be bifurcated depending on the proportion of time spent on the various types of trades.How do you calculate your trading turnover?For every trade, contract notes are issued which show the value of assets bought or sold. While for the recording purpose only the difference between is used. Take this example:Anurag bought one lot of Maruti ports at 2.0 lakhs and sold it for 2.8 lakhs (Profit = Rs 80,000)Anurag bought one lot of SBI at 3.5 lakhs and sold it for 3.00 lakhs (Loss= Rs 50,000)The turnover shall be calculated as Rs 80,000 + Rs 50,000 = Rs. 1.30 lakhs. Also, any premium received when you’re writing a option must be added to the turnover value.When is an audit mandatory?When the turnover from F&O trading exceeds Rs 1 crore (Section 44AD) or if profits are less than 8% of the trading turnover (and your other income is above taxable limit), the accounts need to be audited by a practicing Chartered Accountant.Tax Computation for AnuragLet’s say Anurag works for Minance and has earned a salary of Rs 15 lakhs in FY 2015-16 (yeah, I wish!)Anurag opened a trading account with a brokerage firm by paying Rs 5,000 as account opening charges. He has to pay 0.02% as brokerage charges for each F&O trade and paid a total of Rs 98,000 as brokerage charges during the year. He also attended a workshop for F&O beginners and paid the organizers Rs 7,000 for it.Anurag has mobile expenses of Rs 36,oo0 (because he talks a lot) for the whole year and a review of his past bills indicates about 50% of his bill is towards his F&O trade. His monthly internet bill is Rs 1,200. He met a consultant who specializes in F&O and had a dinner worth Rs 2,000 with him.His total turnover is Rs. 1.2 crores and since he’s a horrible trader, his losses are Rs 3 lakhs. Here’s what happened next:His F&O trades is treated as a business. He will have to file ITR-4 instead ITR-1 (form for income from salaries, house property, interest and other sources) that he files normallyAnurag can claim expenses of F&O from his income (or loss), which are directly related to F&O his tradingLosses have tax benefits (they can be offset with certain other incomes and can be carry forwarded for 8 succeeding years)Since Anurag’s turnover is more than Rs 1 crore, he must get an audit done from his CA. He also has to maintain books of accounts for his trading activity.Table 1: List of expenses incurred for F&O trading by Anurag.Table 2: Net income from Anurag’s F&O trading business. Remember I made a loss of Rs 3 lakhs because I’m a horrible trader? That’s the first item. The second team is the net expenses brought forward from the grand total of Table 1.Table 3: F&O trading is considered as a non-speculative business, can be set off with other incomes such as rental income, interest income. Any loss which is unadjusted here (the Rs 14,000 portion) can be carried forward to 8 succeeding years. In these 8 years it can only be set off against non-speculative business income.Treatment of losses from the F&O trading business and how it affects tax liability?Reporting losses can help you bring down the tax liability. Since F&O trading is counted as a non-speculative business, loss from F&O trading is allowed to be adjusted against income from any other source (except salary income).Note: Losses from a speculative business such as day trading cannot be set off against any income other than income from a speculative business.If the loss is not fully adjusted it can be set off against income under any other source like Income from House Property, Income from Capital Gains etc, except under the head Salaries. If the loss still couldn't be adjusted fully in the year in which it was incurred, the unadjusted loss can be carried forward for next eight years immediately succeeding the year in which it was incurred and be set off only against the head Profit and gains of business and profession for non-speculative business.Consequences of non-compliancePenalty of amount upto Rs. 25,000 for not maintaining proper books of accounts.Penalty of 1.5 % of the turnover or maximum penalty of Rs. 1.5 lakhs for not auditing accounts before the specified date (Relevant date is 17th October 2016 for the FY 2015 16).Hat tip: Tejas Khoday and Apoorva Sahu (Chartered Accountant)Footnotes http://www.incometaxindia.gov.in... Income Tax Department http://www.caalley.com/gn/30357d... http://www.incometaxindia.gov.in... http://www.incometaxindia.gov.in... Chartered Accountants in Bangalore - Sahu & Associates
Which ITR form should an NRI fill out for AY 2018–2019 if there are two rental incomes in India other than that from interests?Choosing Correct Income Tax form is the important aspect of filling Income tax return.Lets us discuss it one by one.ITR -1 —— Mainly used for salary income , other source income, one house property income ( upto Rs. 50 Lakhs ) for Individual Resident Assessees only.ITR-2 —- For Salary Income , Other source income ( exceeding Rs. 50 lakhs) house property income from more than one house and Capital Gains / Loss Income for Individual Resident or Non- Resident Assessees and HUF Assessees only.ITR 3— Income from Business or profession Together with any other income such as Salary Income, Other sources, Capital Gains , House property ( Business/ Profession income is must for filling this form) . For individual and HUF Assessees OnlySo in case NRI Assessees having rental income from two house property , then ITR need to be filed in Form ITR 2.For Detail understanding please refer to my video link.
How do I fill out an income tax form?The Indian Income-Tax department has made the process of filing of income tax returns simplified and easy to understand.However, that is applicable only in case where you don’t have incomes under different heads. Let’s say, you are earning salary from a company in India, the company deducts TDS from your salary. In such a scenario, it’s very easy to file the return.Contrary to this is the scenario, where you have income from business and you need to see what all expenses you can claim as deduction while calculating the net taxable income.You can always signNow out to a tax consultant for detailed review of your tax return.
How much of my rental income should go toward maintenance and other expenses?You should include maintenance and other expenses when calculating cash flow and then determine how much of a return you want. Generally, you want to set aside 4–8% of rental income for maintenance. The question should be do you have positive cash flow and how much of a return do you want every month?I think this will help you:Buying an investment property and joining the world of real estate is exciting! Finding the best property is the catch. There are two types of data to look at when doing an investment property analysis: quantitative and qualitative. Let’s start with quantitative. There are many performance measures an investor can take into consideration while analyzing real estate investments. Make sure to focus on cash flow and returns and not on appreciation.What Goes In and Out of The PocketsThere are different ways to calculate income. The first formula below, Cash Flow, takes into account the property payments. The second formula, Net Operating Income, does not factor in how the property is paid for. Both are helpful. If the investor knows their payments and interest rates, Cash Flow should be used during the property analysis. If the payment and interest rates are unknown, the latter formula should be used for analyzing real estate investments.Related: 5 Ways To Create A Positive Cash Flow Income PropertyA. Cash FlowThis number tells the monthly or annually profit from the property. Why is this number so important? A negative or break even cash flow indicates an investor should walk away.1. The first step in the investment property analysis is doing homework and finding out how much the following costs are. Make sure to get approved from a bank before searching for properties and their numbers.2. Let’s start with investment costs:- Home Price (cash or down payment)- Closing costs (usually 6-7% of loan)- Inspection- Rehab (if applicable)3. When calculating monthly expenses, find out and add up these costs:- Mortgage Payment (principal + interest)- Property Tax- Insurance- Property Management (7-10% of rent, if applicable)- HOA fees (if applicable)- Maintenance (4-8% rent)- Vacancies (4-8% of rent)- Utilities (if owner is paying any)3. To determine monthly income- See how much rent tenants are currently paying- If there are no tenants, evaluate the rental income of nearby properties and consult a realtor or property manager about how much income to expect- Go with the lower end of their estimates for an investment property analysis.4. Calculate Cash Flow:Monthly Income - Monthly Expenses = Cash Flow (should be positive)Tip: Calculate in an additional mortgage payment per year to pay off a 30-year mortgage in 18 years. If buying an Airbnb investment property, don’t forget to include additional costs such as host service fees.B. Net Operating Income (NOI)This number tells the income for a property excluding the acquisition costs.1. Add up income and multiply by 12 months.Monthly Rent X 12 = Annual Income2. Add up expenses and multiple by 12 months - again, this excludes the mortgage payment.Monthly Expenses X 12 months = Annual Expenses3. Deduct expenses from income to get NOI.Annual Expenses - Annual Income = NOITip: This measurement is not enough to make a decision. This is useful for analyzing multiple real estate investments at once.Ok let’s go deeper now. . . .Returns & ProfitingThere are also different ways to analyze returns. The first formula gives the return from the investment property while the other formulas help indicate if the returns are signNow or not.A. Return on InvestmentThis number gives the annual return on the investment by taking in all factors that affect the bottom line.1. We know our monthly cash flow.Monthly Income - Monthly Expenses = Cash Flow2. We know our mortgage payment (principal + interest). The principal amount of the payment is the monthly equity build, meaning how much has been put in into obtaining the property. Add the cash flow to the monthly equity build.Cash Flow + Principal Payment3. Multiply that by 12 months, which gives the annual return (it’s a return because it’s cash in the pockets and a payment closer to owning the property).(Cash Flow + Principal Payment) X 12 months = Annual Return4. Divide that by total investment costs.Annual Return/Investment Cost = ROITip: Cash Flow and ROI are the most important formulas in making the best decision during an investment analysis.What is a Good Return?Excellent question! What’s the use of calculating all these numbers if an investor doesn’t know what to aim for? Here are some additional numbers to look at when inferring this.A. Capitalization (Cap) RateThis number tells the returns of the property independent of the financing. Why is this number important? This is an utter way to understand a property’s returns independent of how the property is financed. In other words, this is the return of a property as if it was already paid off.Cap Rate = NOI/Property PriceCap rates are usually 8-12% but the best way to determine if a property has a good cap rate is dependent on the location. Set the average cap rate in an area as the minimum goal.B. Cash-on-Cash Return (CoC)This number tells the returns of a property based on the amount of cash put in the investment.CoC = Cash Flow/Investment CostsGenerally, 10% is favorable but again, that depends on property type, location, and rental strategy.Related: Top 5 Major Cities for Buy-and-Hold Investment PropertiesThe different computations for analyzing a property can get overwhelming but these are the major ones to look at. There are other values that are good to know when comparing an investment properties. They can be helpful in indicating what are the average ranges based on areas since property performance is so dependent on location.The thing to remember when doing a real estate investment analysis, costs are current but they can change every year. For example, rental rates and expenses will most likely increase every year so don’t expect these calculations to stay constant throughout the investment. Appreciation is another factor when calculating returns. Although it is not guaranteed, an investor can include this in the Total Return to calculate Total ROI.Finally, there are different tools that provide real estate analytics. Instead of creating spreadsheets, Mashvisor provides a predictive analysis for each property which is based on historical and comparative data. An investor can instantly get a break-down of cash flow, cash on cash return, cap rate, etc. The investment property analysis is based on seasonality trends, how other properties in the area are performing, and neighborhood insights.Related: The Use of Predictive Analytics in Real Estate InvestingThat was a lot of information, huh? Ok, let’s quickly go over the qualitative data.The MarketWhen selecting a market or an area, see if the market is growing. If there’s a lot of construction going on, that means people will move to that area and bring tenants. The job market is another very important factor because tenants go where there are job opportunities. Markets with low unemployment rates are favorable.Tip: Don’t select a market that is dominated by one job industry. If that industry fails, there is no more job market.The NeighborhoodWhen choosing a neighborhood, make sure the location is on point! Understand what the target tenants are looking for. Depending on tenants, schools, crime rate, amenities, public transportation, noise levels, zoning laws are all things to look into.The PropertyGetting an appraisal and inspection are crucial when selecting a property. It’s important to stick the budget that has been set and to know the deal-breakers after inspecting a property.While all of this criteria should be carefully contemplated, it should also go hand-in-hand with the cash flow and budget. A city center is a great location but if the investor can’t afford it, the investment will not get the returns hoped for. Analyzing real estate investments takes time and patience but the benefits are securing a good investment and learning about different markets and properties in the meantime.Find and analyze investment properties on Mashvisor.Source: How To Do Investment Property Analysis
Do military members have to pay any fee for leave or fiancee forms?NOOOOOOO. You are talking to a military romance scammer. I received an email from the US Army that directly answers your question that is pasted below please keep reading.I believe you are the victim of a military Romance Scam whereas the person you are talking to is a foreign national posing as an American Soldier claiming to be stationed overseas on a peacekeeping mission. That's the key to the scam they always claim to be on a peacekeeping mission.Part of their scam is saying that they have no access to their money that their mission is highly dangerous.If your boyfriend girlfriend/future husband/wife is asking you to do the following or has exhibited this behavior, it is a most likely a scam:Moves to private messaging site immediately after meeting you on Facebook or SnapChat or Instagram or some dating or social media site. Often times they delete the site you met them on right after they asked you to move to a more private messaging siteProfesses love to you very quickly & seems to quote poems and song lyrics along with using their own sort of broken language, as they profess their love and devotion quickly. They also showed concern for your health and love for your family.Promises marriage as soon as he/she gets to state for leave that they asked you to pay for.They Requests money (wire transfers) and Amazon, iTune ,Verizon, etc gift cards, for medicine, religious practices, and leaves to come home, internet access, complete job assignments, help sick friend, get him out of trouble, or anything that sounds fishy.The military does provide all the soldier needs including food medical Care and transportation for leave. Trust me, I lived it, you are probably being scammed. I am just trying to show you examples that you are most likely being connned.Below is an email response I received after I sent an inquiry to the US government when I discovered I was scammed. I received this wonderful response back with lots of useful links on how to find and report your scammer. And how to learn more about Romance Scams.Right now you can also copy the picture he gave you and do a google image search and you will hopefully see the pictures of the real person he is impersonating. this doesn't always work and take some digging. if you find the real person you can direct message them and alert them that their image is being used for scamming.Good Luck to you and I'm sorry this may be happening to you. please continue reading the government response I received below it's very informative. You have contacted an email that is monitored by the U.S. Army Criminal Investigation Command. Unfortunately, this is a common concern. We assure you there is never any reason to send money to anyone claiming to be a Soldier online. If you have only spoken with this person online, it is likely they are not a U.S. Soldier at all. If this is a suspected imposter social media profile, we urge you to report it to that platform as soon as possible. Please continue reading for more resources and answers to other frequently asked questions: How to report an imposter Facebook profile: Caution-https://www.facebook.com/help/16... < Caution-https://www.facebook.com/help/16... > Answers to frequently asked questions: - Soldiers and their loved ones are not charged money so that the Soldier can go on leave. - Soldiers are not charged money for secure communications or leave. - Soldiers do not need permission to get married. - Soldiers emails are in this format: firstname.lastname@example.org < Caution-mailto: email@example.com > anything ending in .us or .com is not an official email account. - Soldiers have medical insurance, which pays for their medical costs when treated at civilian health care facilities worldwide – family and friends do not need to pay their medical expenses. - Military aircraft are not used to transport Privately Owned Vehicles. - Army financial offices are not used to help Soldiers buy or sell items of any kind. - Soldiers deployed to Combat Zones do not need to solicit money from the public to feed or house themselves or their troops. - Deployed Soldiers do not find large unclaimed sums of money and need your help to get that money out of the country. Anyone who tells you one of the above-listed conditions/circumstances is true is likely posing as a Soldier and trying to steal money from you. We would urge you to immediately cease all contact with this individual. For more information on avoiding online scams and to report this crime, please see the following sites and articles: This article may help clarify some of the tricks social media scammers try to use to take advantage of people: Caution-https://www.army.mil/article/61432/< Caution-https://www.army.mil/article/61432/> CID advises vigilance against 'romance scams,' scammers impersonating Soldiers Caution-https://www.army.mil/article/180749 < Caution-https://www.army.mil/article/180749 > FBI Internet Crime Complaint Center: Caution-http://www.ic3.gov/default.aspx< Caution-http://www.ic3.gov/default.aspx> U.S. Army investigators warn public against romance scams: Caution-https://www.army.mil/article/130...< Caution-https://www.army.mil/article/130...> DOD warns troops, families to be cybercrime smart -Caution-http://www.army.mil/article/1450...< Caution-http://www.army.mil/article/1450...> Use caution with social networking Caution-https://www.army.mil/article/146...< Caution-https://www.army.mil/article/146...> Please see our frequently asked questions section under scams and legal issues. Caution-http://www.army.mil/faq/ < Caution-http://www.army.mil/faq/ > or visit Caution-http://www.cid.army.mil/ < Caution-http://www.cid.army.mil/ >. The challenge with most scams is determining if an individual is a legitimate member of the US Army. Based on the Privacy Act of 1974, we cannot provide this information. If concerned about a scam you may contact the Better Business Bureau (if it involves a solicitation for money), or local law enforcement. If you're involved in a Facebook or dating site scam, you are free to contact us direct; (571) 305-4056. If you have a social security number, you can find information about Soldiers online at Caution-https://www.dmdc.osd.mil/appj/sc... < Caution-https://www.dmdc.osd.mil/appj/sc... > . While this is a free search, it does not help you locate a retiree, but it can tell you if the Soldier is active duty or not. If more information is needed such as current duty station or location, you can contact the Commander Soldier's Records Data Center (SRDC) by phone or mail and they will help you locate individuals on active duty only, not retirees. There is a fee of $3.50 for businesses to use this service. The check or money order must be made out to the U.S. Treasury. It is not refundable. The address is: Commander Soldier's Records Data Center (SRDC) 8899 East 56th Street Indianapolis, IN 46249-5301 Phone: 1-866-771-6357 In addition, it is not possible to remove social networking site profiles without legitimate proof of identity theft or a scam. If you suspect fraud on this site, take a screenshot of any advances for money or impersonations and report the account on the social networking platform immediately. Please submit all information you have on this incident to Caution-www.ic3.gov < Caution-http://www.ic3.gov > (FBI website, Internet Criminal Complaint Center), immediately stop contact with the scammer (you are potentially providing them more information which can be used to scam you), and learn how to protect yourself against these scams at Caution-http://www.ftc.gov < Caution-http://www.ftc.gov > (Federal Trade Commission's website)
How should one fill out Form 1120 for a company with no activity and no income and that has not issued shares?You put all zeros in for revenue and expenses. Even though the corporation has not formally issued shares, someone or several individuals or entities own the common stock of the corporation and you need to report anyone who owns more than 20% of the corporation.
How do I fill taxes online?you can file taxes online by using different online platforms. by using this online platform you can easily submit the income tax returns, optimize your taxes easily.Tachotax provides the most secure, easy and fast way of tax filing.
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People also ask personal income and expense form
Can I report rental income as other income?In most cases, a taxpayer must report all rental income on their tax return. In general, they use Schedule E (Form 1040) to report income and expenses from rental real estate.
How do I report rental property income?How to Report Rental Income. To file your rental income, you'll use Form 1040 and attach Schedule E: Supplemental Income and Loss. On Schedule E, you'll list your total income, expenses and depreciation for each rental property. Expenses include, advertising, auto and travel, insurance, repairs, taxes and more.
What is rent revenue classified as?Rent Revenue is the title of an income statement account which (under the accrual basis of accounting) indicates the amount of rent that has been earned during the period of time indicated in the heading of the income statement. The account Rent Revenue is also known as Rental Income.
Is rent expense an equity?Why Rent Expense is a Debit Rent expense (and any other expense) will reduce a company's owner's equity (or stockholders' equity). Owner's equity which is on the right side of the accounting equation is expected to have a credit balance.
How is rent expense calculated?Divide the total amount of prepaid rent by the applicable number of months. For example, a company that prepaid $12,000 for the year must divide $12,000 by 12 months. This calculation indicates the amount of rent the company must pay on a monthly basis. In this scenario, the company must pay $1,000 per month for rent.