Tax implications - Day Trading.

#4
As far as my internet research goes...as long as you are paying STT on your daily transactions, it would be classified under the 15% bracket. To qualify for these lower taxes on sale of shares, a Securities Transaction Tax (STT) must have been paid on the sale transaction. In India, STT has been applied on all stock market transactions since October 2004 but does not apply to off-market transactions and company buybacks; therefore, the higher capital gains taxes will apply to such transactions where STT is not paid.
 
#5
Can anybody reply to me about the day trading(Business income)? After all this Tax matter..., I noticed that ,the day trading is very popular,and many investors go to DAY TRADING. I would like to know if it is at all profitable to go for DAYTRADING? TKS. MENZIAS
 
#6
Can anybody reply to me about the day trading(Business income)? After all this Tax matter..., I noticed that ,the day trading is very popular,and many investors go to DAY TRADING. I would like to know if it is at all profitable to go for DAYTRADING? TKS. MENZIAS
A great majority lose heavy amounts in day trading because they donot set rules, no strategy, no money management, donot keep stop loss,above all no discipline. Those who have all these go all the way laughing to the bank. They lose less than they earn. No one makes money every day. Of 20 trading days in a month they lose on 8 days win on 12 days. Their discipline ensures that losses are not big. There are people who day trade in Nifty futures and make money in Lakhs every month.

You should work hard learn the techniques before day-trading. It will take about 9months to an year for this. It is greed that makes a man pauper; knowing this people become greedy and ruin themselves.

The other side is always greener.

vps
 
#7
Freinds.........

I am confused.....income from day trading is speculative income or general business income.....and what is the rate of tax for speculative income....

I do not have any other profession ie I trade for living

Thanks in advnace.
 
#8
new features of TradeMax include

Neutral Trend TradeMax is a full featured Vista style trade software specifically designed for active traders and investors to manage their trade data, optimize their gain/loss strategy, and prepare their Schedule D or Mark-to-Market Form(4797).

The new features of TradeMax include
1.) Track your trades: You can setup different investment type accounts among whole family and manage trade data over years. TradeMax tracks and categorizes trade data and security price automatically. You can view all investment accounts in one place.
2.) Comprehensive Corporate Events Module : Recording various corporate events, such as stock splits, stock merge, spinoff and symbol changes
3.) Powerful importing module: TradeMax has pre-defined profiles support most brokers. TradeMax also provides a flexible format reorganization algorithm which allows you to customize your own format.
4.) Intelligent Option Cost Basis Adjustment Function: Auto- detecting Assigned, exercised and expired option, also defers cost to corresponding shares with its Option Adjustment function.
5.) Handle Wash Sales: TradeMax calculates various Wash Sale scenarios, include but are not limited to, Wash Sale between identical securities (stocks and options), Wash Sales on an unequal number of securities and Wash Sales on Same Day Rule.
6.) Simplify tax preparation: TradeMax can assign short trades and convert short / long position, and calculates Wash Sales automatically. You can generate Capital gains/losses report for Schedule D purpose or export *.txf file to popular tax software such as TaxCut, TurboTax.
7.) Analyze your trading performance: You can analyze your trading performance easily with the help of WashSales Detail Report,Summary Report, Transaction Report and Daily Market Value Report.
8.) Powerful Forex Rate Module:Auto-convert the transactions under Non-USD currency into USD figures.

http://www.itrademax.com
 
#9
new features of TradeMax include

Neutral Trend TradeMax is a full featured Vista style trade software specifically designed for active traders and investors to manage their trade data, optimize their gain/loss strategy, and prepare their Schedule D or Mark-to-Market Form(4797).

The new features of TradeMax include
1.) Track your trades: You can setup different investment type accounts among whole family and manage trade data over years. TradeMax tracks and categorizes trade data and security price automatically. You can view all investment accounts in one place.
2.) Comprehensive Corporate Events Module : Recording various corporate events, such as stock splits, stock merge, spinoff and symbol changes
3.) Powerful importing module: TradeMax has pre-defined profiles support most brokers. TradeMax also provides a flexible format reorganization algorithm which allows you to customize your own format.
4.) Intelligent Option Cost Basis Adjustment Function: Auto- detecting Assigned, exercised and expired option, also defers cost to corresponding shares with its Option Adjustment function.
5.) Handle Wash Sales: TradeMax calculates various Wash Sale scenarios, include but are not limited to, Wash Sale between identical securities (stocks and options), Wash Sales on an unequal number of securities and Wash Sales on Same Day Rule.
6.) Simplify tax preparation: TradeMax can assign short trades and convert short / long position, and calculates Wash Sales automatically. You can generate Capital gains/losses report for Schedule D purpose or export *.txf file to popular tax software such as TaxCut, TurboTax.
7.) Analyze your trading performance: You can analyze your trading performance easily with the help of WashSales Detail Report,Summary Report, Transaction Report and Daily Market Value Report.
8.) Powerful Forex Rate Module:Auto-convert the transactions under Non-USD currency into USD figures.
 

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