Share market does have some income tax?

This query is : Resolved

Chiranjit (Querist)
Follow

12 February 2016 Hey, I have newly started my income through share market. And I do file IT -V as I do have alternative construction firm. But apart from it do I have to show my income through share market. And how much deduction of Tax would be implemented on this income? I am already been charged tax on service tax in shares. kindly guide

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

12 February 2016 1, what is the link between service tax and taxation on income from share market?

2. Is it not obvious that all the incomes earned are to be offered to tax?

3. the rate of tax is dependent on the nature of income. Short term capital gains will attract 15%, long term gains: nil, dividend: Nil. speculative income: taxed at slab rate.

2.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

12 February 2016 Hi... Service tax and Income Tax are operate in different scenario.. there is no link between these two...i.e. if someone is paying Service tax on certain transactions dosent imply that he/she need to pay income tax simultaneously on same transaction.. or vise-versa.. If he/she made profit or loss on share tranding then only profit portion required to be taxed under Income tax, whereas service tax is charged on broker's commission on both sale and purchase transaction.......
thanks...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now