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Capital Gains Tax calculation - software/service? |
josabr
White Belt
Joined: 22 Jul 2009
Posts: 10
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Post: #1  Posted: Fri Nov 18, 2011 4:12 pm Post subject: Capital Gains Tax calculation - software/service? |
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Hello All
Just curious how day/frequent traders here keep track of their buy/sell, for tax calculation & filing purposes. Is there any software/online service available which calculates the profit/loss and tax liabilities if we feed it daily transactions? Or even better, is there a way to download all transactions for a given period and feed it into this software/service (ofcourse assuming such a software/service is available). This is my first year of trading, and I might have to pay income taxes for the first time; but I don't know how much detailed transaction history needs to be recorded on the tax forms. Any ideas/suggestions
Thanks in advance
Joe |
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vinay28
Black Belt
Joined: 24 Dec 2010
Posts: 11748
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| Post: #2 Posted: Fri Nov 18, 2011 7:18 pm Post subject: |
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| I have been doing it for years on excel by entering broker's contract data and is simple. So I don't understand your difficulty. |
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amitkbaid1008
Yellow Belt
Joined: 04 Mar 2009
Posts: 540
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| Post: #3 Posted: Fri Nov 18, 2011 8:02 pm Post subject: |
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Me too doing this using Excel.
and its better because I can change it as per my requirements.
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josabr
White Belt
Joined: 22 Jul 2009
Posts: 10
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| Post: #4 Posted: Fri Nov 18, 2011 8:22 pm Post subject: How much detail is needed on Tax filing forms? |
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I understand the excel sheet will be helpful for your own accounting, but how much detail is required on the tax filing forms?. I do not have any knowledge or experience filling tax forms in India. Do we need to declare every trade on the tax filing form?. or just the summary loss or gain for the year?
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amitkbaid1008
Yellow Belt
Joined: 04 Mar 2009
Posts: 540
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| Post: #5 Posted: Fri Nov 18, 2011 8:28 pm Post subject: Re: How much detail is needed on Tax filing forms? |
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| josabr wrote: | I understand the excel sheet will be helpful for your own accounting, but how much detail is required on the tax filing forms?. I do not have any knowledge or experience filling tax forms in India. Do we need to declare every trade on the tax filing form?. or just the summary loss or gain for the year?
Thanks |
josabr
You just need to fill summary of Profit or Loss for the Financial Year & need to keep all records and details with you for future reference including contract notes etc. |
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vinay28
Black Belt
Joined: 24 Dec 2010
Posts: 11748
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| Post: #6 Posted: Fri Nov 18, 2011 8:36 pm Post subject: |
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| Joe, I understand that you are not used to filing tax returns in India. OK, what is your plan of investment e.g. F&O or investment or anything else. Do let me know and I will help you with a readymade excel sheet |
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trades4girish
White Belt
Joined: 10 Jul 2009
Posts: 22
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| Post: #7 Posted: Sat Nov 19, 2011 1:04 am Post subject: Post all the excel |
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Hi Vinay,
Can you please help us in providing all the excel as it would be of great help to everyone.
Thanx & Regards,
Girish V Hanchate |
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