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intra day trading-tax effect

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SHAYAK DAS (Querist)
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08 March 2008 how profit on intraday trading on shares is taxed?is it speculation profit?

CA Praveen Chopra

CA Praveen Chopra (Expert)
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08 March 2008 Yes it is to be treated as speculative transaction because it is settled without having delivery of shares accordingly it is to be taxed as speculative profit under business head.

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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08 March 2008 yes

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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10 March 2008 YES

R.V.RAO (Expert)
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10 March 2008 IT IS TAXED UNDER BUSINESS INCOME -SPECULATIVE LOSS/GAIN.
BUT UNDER CLAUSE (d) IN SUB. SEC 5 OF SEC 43 IN RESPECT OF DERIVATIVES TRADING IT IS NOT SPECULATIVE TRANSACTION.IT IS BUSINESS GAIN/ LOSS ONLY.
R.V.RAO

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