New Direct Tax Code

by Shabbir Bhimani on August 26, 2010

New taxation rule is in talk once again and so I would like to point you to one of my article where I shared How New tax Code can Impact us?

Share your views on the New Direct Tax Code in comments.

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{ 4 comments… read them below or add one }

lala November 5, 2010 at 7:28 am

Hi Shabbir,

I have a query regarding paying tax. I am told I have to pay a capital gains tax of 10-15% on the profit made in selling shares if I sold my shares before 1 year of it being bought.

My query is this …

What is the procedure for paying the tax ? Since the profit I got is only a few 1000s (5500 to be exact) – Is there any easy way of paying the capital gains tax for this amount ?

When should I file my tax returns ? – Year end ?

Should I approach someone or will my bank deduct it automatically ?

Thanks

Reply

Shabbir Bhimani November 5, 2010 at 8:57 am

You can file your tax at the end of the fiscal and you can pay your tax online as well. Check out http://www.incometaxindia.gov.in/

Reply

lala November 5, 2010 at 12:31 pm

Hi Shabbir,

Thanks a lot for the link. It is really informative. I will go through it.

Do you know how much a Chartered accountant will charge for filing my tax returns ? I am a bit hesitant in approaching a CA for such a small amount.

Is it easier to do it myself? This is my first time.

Filing tax returns is voluntary right ? So what proof should I provide for the shares I sold while filing tax ?

Sorry for so many questions. :-)

Reply

Shabbir Bhimani November 5, 2010 at 6:49 pm

Anyway between 2 to 5 hundred.

Reply

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