I am a professional whose source of income is from shares and home tuitions. I need advice on Income tax return filing and slabs for income thru short term capital gain on sale of shares and income from tuitions. Pls. mention slabs for both and also which ITR to use
Dear Sir,
File ITR-3. Show income from tuition as "Income from business or Profession" and STCG under the head "Capital gain". Liability of tax depends upon your constitution. If you are individual then tuition income will be taxable at slab rate and STCG @15.45% if gain from listed shares.
You need to prepare Profit and loss account and balance sheet for the tuition income.
Thanks
Hi,
You can use ITR3. STCG are taxed at 15% + edu cess.
Tution income can be considered as your business and profession income and will be taxed as per normal tax slabs.
Hope that clarifies.
Regards,
Nikhil
You can usr itr3 .. if you want i can assist you i. Return filling at nominal fees
Please use standard income tax software to help you to file your return without any errors.
The short term capital gains are taxed at normal rates as applicable to the respective slabs. You need to use ITR 3, if your income is proprietary business/profession. If the income has to be offered under presumptive taxation scheme, then ITR 4 needs to be used.
Hi
Use ITR 3.
Short term capital gains on shares will be taxed @ 15%.
Tuition income will be taxed according to slab rates.
We may assist you with return filing.
you have to file ITR 3 for income from Profession and capital gain, for income from profession normal income tax slab is applicable i.e. NIL upto 2.5 Laksh , 2.5 Lakhs to 5 Lakhs 10% etc.
on STCG (STT paid) tax @ 15% applicable , STCG other then above is taxed at normal slab rates
ITR 3 to be filled.tution income will be business profession income and share income will be STCG taxed @ 15 % and business income at slab rates.
Hi,
Income of tution can be shown as income from business or profession.
You can use ITR 3.
For short term gain on equity shares, tax rate is 15%.
For income from tution tax will be as per slab rates.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
what will the charges for assistance in getting the ITR filled. I am residing in Dwarka, NewDelhi and would lke a local help.
I m in Subhash nagar delhi. You can contact me at 706029944.
7060029944
I am sure some of our fellow CA's based locally in Delhi will be able to help.
Hi
Although assistance and return filing can be done from anywhere, but it's absolutely your choice.
You can send an email on lakshita.bhandari@gmail.com for fee quotations.
Hi,
Your income shall be chargeable to tax as below:
STCG on shares = 15%
LTCG on shares = exempt (till 31.03.2018) and taxable thereafter
Tuition income = taxable at the slab rate in which you fall
Basic exemption from tax limit shall be calculated after adding the amount of STCG in order to avoid any hardship.
As regards, help for filing ITR, since your case seems not very large (assuming that large volume of transactions are not there), this may cost you around 2,500 to 5,000 bucks, depending where you approach.
Regards,
it depends,varies from Person to person.
Charges will depend upon the experience and expertise of a CA. A range of INR 1000 to 8000 can be a decent range.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com