Income taxable
This query is : Resolved
suman singh
(Querist)
24 July 2014
An individual is non employee.If a person is getting earning from the source of Share marketing on daily basis. Or he is trading from the same he is getting outcome in the course of income, is it will be taxable or not. B
24 July 2014
then speculative business.....................
suman singh
(Querist)
24 July 2014
Does it comes under the taxable income or not?
24 July 2014
Yes it is taxable Income. Taxable as per Individual Income Tax Slab. In the given case ITR4 needs to be filed.
suman singh
(Querist)
24 July 2014
Then how his income will be gets counted in order to file ITR-4, under this head, if an individual is getting an income from other sources as mentioned earlier. i.,e share market income/loss,
24 July 2014
Income from intraday share trading is not income from other sources. It is taxable under the head Profit and Gains of Business or Profession.
suman singh
(Querist)
24 July 2014
Then how his income will be get's counted on intraday basis trading and accumulated upto year end financial year. pls advise.
24 July 2014
He can obtain a statement of transaction from where he is maintaining his share trading account and then he can determine the total profit or loss for the concerned financial year.
Nikhil Kaushik
(Expert)
25 July 2014
intra-day trading shall be considered as speculative income. you need to separate it from the delivery based rates which can be accounted as short term capital gains/normal business income/loss.
it would be wrong to suggest that only ITR4 can be filed. if the profit from these activities are in excess of 8% of the turnover or where the assessee decides to offer income at 8% or above (even where income is less than 8%), ITR4S can be filed
it would be wrong to suggest that only ITR4 can be filed. if the profit from these activities are in excess of 8% of the turnover or where the assessee decides to offer income at 8% or above (even where income is less than 8%), ITR4S can be filed
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- GST on Renting godown to KFCSC for Storage of Raagi
- Capitalgain tax purposes for valuation report compulsory
- TAX AUDIT ON PROFESSIONAL INCOME
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TDS on Fixed Assets purchased
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- Under marginal scheme
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
