TAX rules for the financial year 2010

#1
Hi everybody,

Just wanted to know the current TAX implications on the profits made through equity and derivative markets.

This is my current understanding please correct me if I am wrong.

Rules for equity market.

1.The taxes imposed on the profits made under equity market is 15% right?
2.lets say that I managed to make 25,000 gross by investing 1,00000 in one year by doing many trades, brokerage and STT costs were 2,500.
Since the total profit in my pocked would be 22,500... I should only pay for 22,500 right? since STT and brokerage would be deducted at the exchange itself?
I know this may sound silly to you,but one of friends told me that there has been an amendment in the TAX norms, so I just want to be sure.
3. Also can I still deduct the operating costs? eg:Internet bill, electricity bill? if so how much can I deduct?

For the derivative market how much TAX will be imposed?
Is it 33%?

Thank you,
Karthik
 

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