I am a salaried person with a monthly income of 1.5Lacs
I recently started trading in Options as the profit was more compared to normal equities. I have been making, quite a good profit out of it and last month had grossed around 50K as profit from multiple trading. I understand this would be taxed and hence have the following questions. Would request to give inline comments for the same
i) Is there a slab till which options wouldn't be considered for tax
ii) How do I calculate how much tax would be applicable for Options trading. An example with amounts would be welcome
iii)Will I have to submit another Income tax form for Options along with my usual ITR filing
iv)What extra papers/documents are required to be submitted along with the ITR forms
I recently started trading in Options as the profit was more compared to normal equities. I have been making, quite a good profit out of it and last month had grossed around 50K as profit from multiple trading. I understand this would be taxed and hence have the following questions. Would request to give inline comments for the same
i) Is there a slab till which options wouldn't be considered for tax
ii) How do I calculate how much tax would be applicable for Options trading. An example with amounts would be welcome
iii)Will I have to submit another Income tax form for Options along with my usual ITR filing
iv)What extra papers/documents are required to be submitted along with the ITR forms