Special case (Freelancer, commission, share market)

Hi, I have lot of questions, and income sources. Please help me. I am freelancer, working from home and cyber cafe. Living with my parents in their home. I am not married. :) I had earned Rs 2.2 lakh in 2011-12 financial year from freelancing 70% of payments received from odesk and 30% payment from paypal. In the same financial year 2011-12 i received share brokerage commission of rs 4000 from (re-miser) sharekhan ltd business partner. But sharekhan ltd has already deducted TDS on commission. I also trade in stock market, i booked LOSS of 90,000 in F&O and 20,000 in cash market (day trading). I also participate in online surveys, income from surveys for financial year 2011-12 is Rs 5000 and received via paypal. I have 1 LIC, paid 4000 rs premium for 2011-12.

Now my question are :- 1) Which ITR form do i need to submit.

2) Do i need to pay tax or file return?

3) can i show my expenditure (internet, phone bill, electricity bill, petrol, food, medical + medicines) so my income comes down to 1.8 lakh (non taxable amount)?

4) if my income comes down to 1.8 lakh (non taxable amount), then can i carry forward stock market, F&O and cash 1.1 lakh loss?

5) can i claim tds for commission deducted by sharekhan ltd?

Note : can i claim expenditure if (internet, phone bill, electricity bill) all of them is in name of my father, i pay bill via cash.

Also car is in name of my father, can i claim petrol expense?

you are tax guru, any suggestion's for me?

Thanks much.

asked Jul 11 '12 at 01:04 by innovativesachin 112


  1. You will have to file ITR4 as your income is from business/profession.
  2. First you need to make your profit n loss accounts. You can show expenses incurred for running business. Internet, phone, petrol bills can be used as expenses but connection should be in your name and amount should have been paid from your accounts. After all these expenses deductions, you can compute total taxable income for the year. After deducting existing TDS, if there is any additional tax payable, you would need to pay that. If extra tax has been paid in TDS, you can claim for refund in ITR.
  3. You can carry forward your losses to next year.

answered Jul 11 '12 at 13:49 by Pankaj Batra 5.2k320

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Asked: Jul 11 '12 at 01:04

Seen: 2,117 times

Last updated: Jul 11 '12 at 13:49