Fire your tax related queries and i would get it solved!!!

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  • Total voters
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  • Poll closed .

canikhil

Well-Known Member
Agree.

Now also another point to explore would be if there can be tax advantage if such trading activities are not done in individual capacity but by forming a LLP or a pvt ltd company. I am just thinking aloud.
still not significantly beneficial to trade in corporate structure as you have Dividend distribution tax applicable in company structure. LLP sits in the middle of the tax structure. if lower taxe rate is applied to LLPs too, it would be greatly advantageous to shift trading to a LLP structure.
 
Can a full time trader file taxes on short term trading intraday or few days on shares as short term capital gains and pay flat 15% tax on profits..

The current slab goes too high as shown here.

https://www.iciciprulife.com/insurance-library/income-tax/income-tax-slabs-rate-deductions.html


If he goes as a business income He will have to go slabwise I think.
Profits on intraday trading of stocks is not a short term capital gain...it is a speculative income as per Income Tax.Short term capital gains only if one holds these shares atleast for 1 day by taking delivery.

Intraday tradingprofits in stocks is not considered as business income.
 

lemondew

Well-Known Member
Thanks st da. Then slabwise taxes on gains have to be paid ?
Profits on intraday trading of stocks is not a short term capital gain...it is a speculative income as per Income Tax.Short term capital gains only if one holds these shares atleast for 1 day by taking delivery.

Intraday tradingprofits in stocks is not considered as business income.
 
Thanks st da. Then slabwise taxes on gains have to be paid ?
Bhai it is better to consult some practicing CA....my knowledge could be limited ....but speculative profits treatment I am sure....
 

nac

Well-Known Member
Can a full time trader file taxes on short term trading intraday or few days on shares as short term capital gains and pay flat 15% tax on profits..

The current slab goes too high as shown here.

https://www.iciciprulife.com/insurance-library/income-tax/income-tax-slabs-rate-deductions.html


If he goes as a business income He will have to go slabwise I think.
No, you can't show day trading profit as STCG.
Yes, day trading profits to be treated as business income and calculate/pay tax based on tax slab you're in.
 

iTrade

Well-Known Member
Can someone refer a CA who knows filing returns share market F&O losses, section 44B incase of losses, speculative and non speculative income, carrying forward losses etc in Pune ?

Thanks
 
I need to file FnO tax for next year(FY-20-21). I am currently making a loss, and turnover seems to be pretty high, so I probably have to get an audit. Anyone knows exactly what files and details I need to send a CA when I hire one, so that I can keep collecting these documents?

Another doubt regarding turnover - is it the absolute sum of profit/loss, or the sum or purchase and sell value for futures? Because with the latter, turnover can be pretty high if you do frequent trades, with small profit/loss. Zerodha seems to follow the former system, whereas quite a few other brokers seem to follow the latter.
 

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