Return
This query is : Resolved
04 August 2012
If a person earned short term profit in intraday in share market. Is he eligible for exemption of slab ie Rs.180,000/- or should pay flat tax 10% ?
04 August 2012
1. Firstly intra day trading is a BUSINESS income and taxable under the head Income from Business or Profession.
It is NOT taxable under Capital Gain.
2. Since it is taxable as business income, the assessee can claim expenses such as STT, commission, etc against such income.
3. The final income will be taxed as per the slab rate.
It is NOT taxable under Capital Gain.
2. Since it is taxable as business income, the assessee can claim expenses such as STT, commission, etc against such income.
3. The final income will be taxed as per the slab rate.
04 August 2012
Thanks.
The person is salaried & also earning income from intraday. can i show income from intraday as income from other source? profit is approx 50,000.
The person is salaried & also earning income from intraday. can i show income from intraday as income from other source? profit is approx 50,000.
04 August 2012
Actually intra day trading is specifically covered under speculation business and is therefore taxable under the head Income from Business.
You cannot show it as income from other sources.
You cannot show it as income from other sources.
Message likes :
1 times
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Capital gain on sale and purchase of plot
- Invertaded duty struture
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- 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
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
