INCOME TAX ON ONLINE COMMODITIES TRADING

B S BHMRA (Managing Partner) (102 Points)

06 January 2011  

Dear Members,

Thanks for the previous replies, my further query is as follows:

1.  How is Income, taxed for income from "Online Commodities Trading" done on a intraday basis?

2.  Is the Securities Transaction Tax, which is deducted by the brokerage company, from our trades deductible from the income or not?

3.  Are different slabs applicable, as in normal income tax or a single flat rate, irrespective of upper limit?

4.  Are trading losses allowed to be carried forward for next year, and upto how many years can it be carried forward?

Thanking you all in anticipation,

BS BHMRA