Tax
- Thread starter arian29
- Start date
canikhil,
If a person who is in a business, does share trading in cash, both Intraday & very short term ( say upto six months max holding ) & closes the position in the same financial year, how will his Loss/gain be treated, whether Business Income/ Loss, OR CG/Loss.
As for Future trading, my understanding is ,it will be treated as Business Income / Loss. Correct me if i am wrong.
In the recent budget speech, a one time option had been given to the trader treat it as Business or CG/loss.
Is it applicable to the current Fin year also.
Which is advantageous.
Thanks for yr time
If a person who is in a business, does share trading in cash, both Intraday & very short term ( say upto six months max holding ) & closes the position in the same financial year, how will his Loss/gain be treated, whether Business Income/ Loss, OR CG/Loss.
As for Future trading, my understanding is ,it will be treated as Business Income / Loss. Correct me if i am wrong.
In the recent budget speech, a one time option had been given to the trader treat it as Business or CG/loss.
Is it applicable to the current Fin year also.
Which is advantageous.
Thanks for yr time
Nikhil Sir,
I never paid income tax so far and never filed a return as the income was always below the limit.(last year you replied some of my tax related queries).
But this year,my income is 6.68Lakhs+.
74k from FD interest
1.27Lakhs from Option Trading
and around 4.5lakhs++ from active futures trading.(and still running)
I deposited 1.5lakhs towards PPF.
My queries,pls do reply-
1)When do we pay taxes for F&O? before 31st March??
2)how do we pay taxes?
3)As I may fall in audit case,do we pay taxes after the audit has done?
4)or is it ok to pay taxes once the audit is done by CA?
5)I did small mistake.I submitted 15G form for my FD's considering my income wont exceed the tax limit..but this year luckily my trading performance improved.
The 15G rule is broken by me,what to do now?
I never paid income tax so far and never filed a return as the income was always below the limit.(last year you replied some of my tax related queries).
But this year,my income is 6.68Lakhs+.
74k from FD interest
1.27Lakhs from Option Trading
and around 4.5lakhs++ from active futures trading.(and still running)
I deposited 1.5lakhs towards PPF.
My queries,pls do reply-
1)When do we pay taxes for F&O? before 31st March??
2)how do we pay taxes?
3)As I may fall in audit case,do we pay taxes after the audit has done?
4)or is it ok to pay taxes once the audit is done by CA?
5)I did small mistake.I submitted 15G form for my FD's considering my income wont exceed the tax limit..but this year luckily my trading performance improved.
The 15G rule is broken by me,what to do now?
Rehabji,
In yr post, you sound more like a Criminal lawyer , cross examining a Witness & where the lawyer thinks that it is his prerogative to question anything & everything.
If you think so, you are sadly mistaken.
Nor if you assume that you are from Scotland yard, here again you are misguided & will only project a sorry fig..
From your post, it is obvious that you are neither competent nor knowledgeable to answer or question in this thread .
Still, coming back to your post, till 4 yrs back, whoever had PAN no were asked to file IT return immaterial of the fact that whether their Gross Income was below the Exempted limit or not.
But in the last three years, it was specifically clarified by IT dept that if one's income was less than exempted limit, they need not file IT.
So, many did not file.
But, suddenly now, whoever had discontinued, are sent notices to clarify the reason.
I understand, scores of notices were sent as a routine.
same was the case with those who are trading whether Loss or Gain.
Dont think every one is Vijay malya with whom i have the grouse of Not paying the employee's salary.
And what gave you the impression that i had evaded the Tax ( as evident from yr sarcastic post ).
According to you, whoever asks a tax clarification/ advise is a person evading Tax.
What an Ignorance.
A piece of advise.
Dont poke yr nose unless called for esp in personal matter & take shelter that it a public forum.
Certain decency is expected from every member before posting.
Read the rules.
And last, neither you are competent nor solicited to answer my posts.
I have never posted such a rough answer in my 10yrs in this Forum & you r the first person . My instinct tells me that yr intentions were not Good.
To change or Not, yr privilege.
In yr post, you sound more like a Criminal lawyer , cross examining a Witness & where the lawyer thinks that it is his prerogative to question anything & everything.
If you think so, you are sadly mistaken.
Nor if you assume that you are from Scotland yard, here again you are misguided & will only project a sorry fig..
From your post, it is obvious that you are neither competent nor knowledgeable to answer or question in this thread .
Still, coming back to your post, till 4 yrs back, whoever had PAN no were asked to file IT return immaterial of the fact that whether their Gross Income was below the Exempted limit or not.
But in the last three years, it was specifically clarified by IT dept that if one's income was less than exempted limit, they need not file IT.
So, many did not file.
But, suddenly now, whoever had discontinued, are sent notices to clarify the reason.
I understand, scores of notices were sent as a routine.
same was the case with those who are trading whether Loss or Gain.
Dont think every one is Vijay malya with whom i have the grouse of Not paying the employee's salary.
And what gave you the impression that i had evaded the Tax ( as evident from yr sarcastic post ).
According to you, whoever asks a tax clarification/ advise is a person evading Tax.
What an Ignorance.
A piece of advise.
Dont poke yr nose unless called for esp in personal matter & take shelter that it a public forum.
Certain decency is expected from every member before posting.
Read the rules.
And last, neither you are competent nor solicited to answer my posts.
I have never posted such a rough answer in my 10yrs in this Forum & you r the first person . My instinct tells me that yr intentions were not Good.
To change or Not, yr privilege.
