Income taxable
This query is : Resolved
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.....................
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.
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.
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.
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
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