Only 2,200 professionals declared income above Rs 1 crore in FY19, says CBDT

Out of these,1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to Rs.5 lakh.
Out of 5.78 crore returns filed during this financial year,4.32 crore individuals have disclosed income upto Rs 5 lakh..2/6

— Income Tax India (@IncomeTaxIndia) February 13, 2020

Hence, only around 1.46 crore individual tax payers are liable to pay income-tax.
Further, around 1 crore individuals disclosed income between Rs. 5-10 lakh and only 46 lakh individual tax payers have disclosed income above Rs.10 lakh...4/6

— Income Tax India (@IncomeTaxIndia) February 13, 2020

In the ITRs filed by individuals in current financial year,only about 2200 Doctors,Chartered Accountants, Lawyers &such other professionals have disclosed annual income of more than Rs.1crore from their profession(excluding other incomes like rental,interest,capital gains etc)6/6

— Income Tax India (@IncomeTaxIndia) February 13, 2020

Get jailed if you do not social service? Ridiculous

Read more at https://economictimes.indiatimes.com/news/company/corporate-trends/jail-term-for-csr-violation-makes-firms-anxious/articleshow/70506775.cms

This is the reason why JNU graduates should NOT be hired for key positions?

— देशी ज्ञान (@polibolly_in) July 30, 2019

Physical register, Director photo, Office photo, Director KYC, Aadhar, PAN, Mobile phone...what next - DNA fingerprinting, Babu attestation, Birth/Life certificate ! Are entrepreneurs presumed guilty unless proven otherwise ?
Nehru should be proud...@narendramodi @PMOIndia !!

— SunilH (@hsunil10) July 31, 2019

Computation of Tax on Gains from Futures & Options (F&O) Trading

The Gains from trading in Future and Options (F&O) are not considered as Capital Gains but are considered as Business Income. These gains are considered as non-speculative business gains and therefore income tax on these gains is levied as per the income tax slab rates.

To levy income tax – the first thing which is required to be done is computation of income. Once the income is computed, the tax would be levied on the income so computed. The lower the income, the lower is the tax payable and the higher the income, the higher is the tax payable.

There are 2 ways to compute the Income from F&O Trading:-

Normal system of computation i.e. Income = Sales – Purchase – Other Expenses – Depreciation
Presumptive system of computation i.e. Income = Assumed percentage of Sales

These 2 systems have been explained below in detail.

Read more at http://www.onemint.com/2018/07/04/computation-of-tax-on-gains-from-futures-options-fo-trading

So the root cause of black money is the salaried class?

Because the real problem in
India is that the beleaguered overtaxed & harassed salaried middle class is the root cause of all the black money.....https://t.co/dy6IXG6z7o

— vir sanghvi (@virsanghvi) April 19, 2018

F&O Transaction carried out through recognized Stock Exchange is not Speculative Transaction, can be set off against Ordinary Business Income: ITAT

“4.2. We find that the loss from F&O business carried out through recognized stock exchange cannot be treated as speculative loss in view of the exceptions carried out under s.43(5) of the Act. As per clause(d) of  first proviso to section 43(5) of the Act inserted by the Finance Act, 2005 with effect from 01/04/2006, trading in derivatives carried out through recognized stock exchange will not be deemed to be a speculative transaction for the purposes of section 43(5) of the Act. Thus, the loss arising from trading in derivatives ought to be treated as ordinary business loss. Thus, the restrictions applicable for eligibility of set off of loss of speculative nature will not apply to the loss arising from F&O transaction.”

7. Thus, F&O transaction carried out through recognized stock exchange cannot be treated as speculative transaction. Therefore, I allow appeal of the assessee and direct the AO to grant set off of this loss against business income.
Read more at http://www.taxscan.in/fo-transaction-carried-recognized-stock-exchange-not-speculative-transaction-can-set-off-ordinary-business-income-itat/15144/ and http://www.taxscan.in/preview/?previews=13Tv7HCWan8qNg4PvjdUxhjCPFpzyxaH7