Tax calculations
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2017
Hi
I am a stock trader in all segment ( F&O / Positional/ Intraday) ,
I would like to get some help to understand the tax calculation and audit related to it
Regards,
I am a stock trader in all segment ( F&O / Positional/ Intraday) ,
I would like to get some help to understand the tax calculation and audit related to it
Regards,
19 December 2017
Dear Trader / investor ,
please provide your email ID next time you write like this .
Please note that your Intraday trading or positional trade income can be classified as speculative business income and while Trading in F& O is considered in Non speculative business income and will be considered as Business Income . under Business income it will be added to your total income subject to limit as prescribed by Finance act time to time while Income from Short term profit will be taxed at 15% and only short term losses can be adjusted from it under Capital Gain. You have to plan your taxes wisely looking at Expenses incurred by you in doing this trading activity .
Accounting and Audit is simpler, Contract note wise accounting is desired .
Audit will again depend upon your income and limit as prescribed from time to time
please provide your email ID next time you write like this .
Please note that your Intraday trading or positional trade income can be classified as speculative business income and while Trading in F& O is considered in Non speculative business income and will be considered as Business Income . under Business income it will be added to your total income subject to limit as prescribed by Finance act time to time while Income from Short term profit will be taxed at 15% and only short term losses can be adjusted from it under Capital Gain. You have to plan your taxes wisely looking at Expenses incurred by you in doing this trading activity .
Accounting and Audit is simpler, Contract note wise accounting is desired .
Audit will again depend upon your income and limit as prescribed from time to time
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
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
