18 August 2009
I do margin trading everyday with an amount of 10,000. I hardly make a profit of 100 or 200 and sometimes losses too. Overall position until now is a loss. However, the total transactions amount run into lakhs. Is there any limit on this transaction amount in a year ? Can i do a self-assesment at the end of year and submit the loss/profit in my return ? Or do i need to hire a CA to get it done (however, the charge for him will be another burden) ? If suppose, I end up in profit at the end of year (which i assume is short term capital gain) and if that amount falls within the tax limit of 1.6lac, do i still need to pay the 15% short tem tax ? Too many questions. However, will be thankful for you advise. Thanks in advance.
CAclubindia
