return filling
This query is : Resolved
02 July 2009
i have online trading income through demat account on daily basis.And now i want to know that under which head it will be taxable in my hands.if their is 2 solution then which is benfical to me if i have loss in it.and i m expecting gain in next year.Can i have option to take it as under head Business OR Capital gain income.
03 July 2009
Hie,
Ur income will be taxed under the head Income from business and profession as you stated in ur query that you have income from above mentioned source on daily basis.
second if you loss in the c/y you can carried forward the same for 8 A/y succedding the A/y in which loss occured.
Ur income will be taxed under the head Income from business and profession as you stated in ur query that you have income from above mentioned source on daily basis.
second if you loss in the c/y you can carried forward the same for 8 A/y succedding the A/y in which loss occured.
03 July 2009
i agree with sanjeev
further, you can also value your stock in hand as on 31st March as per the market rates prevailing on that date.
for the FY 2008-09 i think it will be beneficial to value at market value. you have to find out the profit/loss in totality and not on script basis.
sathish
further, you can also value your stock in hand as on 31st March as per the market rates prevailing on that date.
for the FY 2008-09 i think it will be beneficial to value at market value. you have to find out the profit/loss in totality and not on script basis.
sathish
03 July 2009
if i file return under head business and profession,then i have to maintain proper books of accounts also because my turnover exceed 40 lacs.but i read somewhere that income of trading in equity shares is section 111, which is a short term capital gain/loss.please guide me under these condition
05 July 2009
sec 111A relates to Short Term Capital Gain on sale of shares....
However, when shares Trading is done, it does not amount to capital transactions and fall under the purview of Business Transactions.
U can also claim expenses incurred such as rent, telephone, internet charges,etc. in connetion with your business as deduction from ur business income(loss) and hence it is beneficial also
However, when shares Trading is done, it does not amount to capital transactions and fall under the purview of Business Transactions.
U can also claim expenses incurred such as rent, telephone, internet charges,etc. in connetion with your business as deduction from ur business income(loss) and hence it is beneficial also
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Legal heir raised refund , but refund issued to the closed account of deceased.
- TDS NUMBER SURRENDER
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- Doubt in Form AOC 4
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
