19 June 2011
hello sir, i want to ask that the income i earned from share market. how much tax i can actually give from my profit. and the income which i earned daily its all white money i can spend anywhere according to my need.
this income anually varies from suppose 15 lacks per annum..how much tax i can on this amount. and rest of my amount after deductable tax i can used it anywhere.
19 June 2011
Since you are doing intra-day trading this clearly indicates that without taking delivery you are doing purchase and sale which is nothing bu speculation. If there is any profit out of it say 15 lacs per year than you have to pay the tax as per the prescribed slab and the maximum tax is 30.9%. You have to pay advance tax also i.s 30% by 15th September, 60% by 15th December and balance by 15th March every year. In case you are showing the entire money as investment and holding the shares for 15 days by taking delivery of shares then the things will change and the taxability will also be different. If you take the deliver and hold it for more than 1 year again the taxability shall be different and in this case it shall be nil.
C.A. S. S. AGARWAL, MUMBAI 9870243410 ssunderagarwal@gmail.com
but in easy words i can say... If sale and purchase is within one year than you have to pay tax on profit amount. it is short term capital gain. If sale and purchase is not within one year, it is more than one year than you have not to pay any tax. It is long Term capital gain
But in the both case you have to file INCOME TAX RETURN.
YES You can spend your money any where according to your need ( But use it only in legal & good need.. :-) )
For any Query & Online Return Filing Contact: Abhishek Ranjan Singh ARS Solutions +91 9022838615 email2ars@gmail.com
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