Options to save tax for full time option trader

[stoch_guy]

Hello,

I trade only nifty options(full time trader), and was able to genarate over 10 lakhs income per annum.

my total turnover net P/L is 50 lakhs < 1 crore and also income > 8% of 50%, therefore I realized no need of audit.

Now, I did google search and found how can I save tax.

Non tax - 2,50,000
80cc - 1,50,000
rent - 24,000 (next yr 60000)
medical - 15,000
------------------------
4,39,000

My earning is over 10 lakhs, and I want to know more options to save tax. Please suggest all possible with amount limit i can claim.

 

[hanumanthh]

Hi. Good to hear that you are making consistent profits in options trading. Can you provide us some knowledge about it. At least 10% pm without worrying of market direction. Since I am struggling a lot get at least 10% pm consistently.

 

[osho343]

Hello,

I trade only nifty options(full time trader), and was able to genarate over 10 lakhs income per annum.

my total turnover net P/L is 50 lakhs < 1 crore and also income > 8% of 50%, therefore I realized no need of audit.

Now, I did google search and found how can I save tax.

Non tax - 2,50,000
80cc - 1,50,000
rent - 24,000 (next yr 60000)
medical - 15,000
------------------------
4,39,000

My earning is over 10 lakhs, and I want to know more options to save tax. Please suggest all possible with amount limit i can claim.

if u r salaried it is diffrent ,
LTA,rent can be higher for slaried

 

[osho343]

i will try to answer if are salaried

 

[stoch_guy]

View attachment 20897


i will try to answer if are salaried

Thanks Osho. You have shown transport, LTA, meals coupons etc Many of the attributes are for salaried employee. I am full time trader not doing any job.

In fact rent can be shown as I read in tax for traders.

I am not willing to spend on NPS(pension fund), and unfortunately doesnt have home loan.

Can you please help from not salaried perspective ?