for the Assessee, is clearly not sustainable. Clause.2.1 of the 4WPP Contract is reproduced below for ready reference:- "Pending completion of the whole Works, provisional progressive payments for the part of the Works executed by the Contractor shall be made by Company on the basis of said work completed and certified. Schedule C should then have just expenses and zero income, whilst your trading profits are reflected on Schedule. Hence, the assessee fails to satisfy the test of mutuality at the time of making the payments the number in referred as members may not be the member of the society as such the AOP body by the society is not covered by concept. He submitted that the alleged comparable companies were functionally different and the itat had failed to consider the Assessee's submission in this regard. Most of the business of the assessee was with this category of persons who have been giving deposits which are kept in Fixed Deposits with a motive to earn maximum returns. (2008) 300 ITR 24 (Punjab Haryana.C. On that basis, the DRP held that the profit margin of 25 of gross receipts estimated by the AO was justified. He also pointed out that, admittedly, the TDS returns had been filed by the Project Office in India. The itat had also found that there was no basis for the method adopted by the Assessee.
On the flip side, if you are classed as a trader, you can write-off just the amount that exceeds 2 of your adjusted gross income. Concededly, the Assessee had established a Project Office at Mumbai in 2005. Whenever a question arises as to whether any particular category of an income of a co-operative society is exempt from tax, then it has to be seen whether such income fell within any of the several heads of exemption. So, how does day trading work with taxes? Capital Losses A capital loss forex courtier is when you incur a loss when selling a security for less than you paid for it, or if you buy a security for more money than received when selling it short. The IRS is likely to say you dont spend enough time trading to satisfy the trader criteria. With indulgence in such kind of activity by the appellant, it is remarked by the Assessing Officer that the activity of the appellant is in violation of the Co-operative Societies Act. So, meeting their obscure classification requirements is well worth it if you can.
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