22 December 2008
hii frnds, i hv a doubt regarding tax on intra gain. hw is INTRA DAY GAIN taxed???? IS it charged at 10% (ie same as SHORT TERM CAP GAIN) or is it included in total income excluding short term and long term gain and then accordingly rates r applied????
23 December 2008
Intraday transactions of equity in cash segment is known as jobbing and income therefrom is treated as the result of Speculation business activity. However, the same in derivatives segment is non-speculative in view of section 43(5).
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