I wish to be honest person in paying my income tax.
I am a indian resident, I have taken around 13 lakhs as personal loan and vehicle loan from banks. My earnings would be 8 lakhs per annum from salary ( via office I am paying tax for this). But from my salary, I am investing in indian trading and international tradings. First clarification, do i need to pay tax for the income obtained from both trading investments, but not much I am getting (around $100) from indian trading and international trading investments. Similarly, I am getting additional income by working online as a freelancing consultant (around $300) per month. Is i have to pay tax for that? if so, whom do i approach and how to initiate the process and how much they would charge for this from me.
Please guide me.
Asked 1 year ago in Income Tax from Chennai, Tamil Nadu
Tax will depend on your total income including your salary income. Please sum up your all incomes during the year and let us know.
We can help you in filing your tax return.
Please feel free to call/revert in case of any doubts
Thanks and Regards
CA CS B.Com
On the basis of information provided by you it appears that you have some income over and above your Salary Income which you intend to declare while filing your returns.
Yes, you will be liable to pay tax on both your Income i.e trading as well as consulting. It will be treated as your business income and you can claim related expenses against them as well.
Please also inform for which Financial Year are you talking about to inform you about the Income tax return filing status.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
sir i think the conversation is on with our professional colleague. If you have any doubts u can reach us on firstname.lastname@example.org