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| Discuss Tax return for traders at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; hi, I would like my senior members to guide me in filling my tax return. ... |
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#1
17th June 2007, 11:47 AM
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Tax return for traders
hi,
I would like my senior members to guide me in filling my tax return. following are the details: 1) upto 31march 2007 I had a turnover of 31 lacs. 2) profit rs 60000 3) loss rs 35000 4) net profit 25000. these trades were all in F&o and commodity futures. My question is should I file my tax return through a CA? and also do I need to attach any documents like contract notes etc. with my return? what would be the tax rate 10% or 30% in derivative segment. I am trading for the past 6-7 months so this is my first tax return I hope you will guide me thanks aman 
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#2
16th July 2007, 01:25 PM
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Re: Tax return for traders
Hi Aman,
Profit of Rs. 25000/- you mentioned in your query is considered as short term capital gains. Let us say your income form your regular income(Job Etc.) is 9 Lakhs and 25000 from your trading income. You would be paying IT for your regular income as per norm. And pay 10% for your Rs. 25000/- trading income i.e. rs. 2500/- as it is considered Short term capital gain. Regards, HAK
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#3
16th July 2007, 09:30 PM
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Re: Tax return for traders
Quote:
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