Intraday traders it calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2012 Hello,

I am having only income from F&O intraday trading and I have a housing loan liability.

Please suggest me how the income tax will be calculated for the current assessment year,
Do I need to pay advance tax, if yes then whether it should be quarterly or annualy.
What are all the deductions and rebates availabe for me.

How Direct Tax Code will affect on intraday traders income tax calculation.

Where should Intraday traders invest to save tax.

Thanks in advance,

Guest

Guest (Expert)

08 May 2012 'Income from business & Profession' is applicable here.

Advance tax, if your tax liability exceeds Rs 10000 is required to be paid in 3 installments viz. by 15th Sep - 30% of tax, by 15th Dec - 60% of tax, by 15th Mar - 100% of tax liability.

Deductions under chapter VI A are applicable and provisions from sec 28 to 44 are applicable