Tax return for traders

A

Aman1

Well-Known Member
#1
#1
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
 
H

HAK

New Member
#2
#2
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
 
L

lvgandhi

Well-Known Member
#3
#3
Aman1 said:
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
Click to expand...
If I remember correct all ptofit/loss from futures will be business income. Hence taxed accordingly by adding to your other income not as short term capital gains. May be some others can confirm.
 
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