Turnover question

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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.

01 October 2009 You can do the self assessment.

Dont make any assumptions, find the facts and pay tax accordingly.

First 1.6 lakh rs can be earned from any source.

SO if your total income including profit made on the aforementioned transactions does not exceed Rs. 1.6 Lakhs, you do not need to pay any tax.



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