Stock income + other income
This query is : Resolved
31 May 2015
Hi !
Sir i want to ask you about stock income if anybody trade as a intraday trading for one year and his buying and selling Transaction goes above 1 cr. but the profit is only 1 lac and from other income his profit is 1 lac so then what will be the income tax slab for that and audit will be held for that case and tax will be charge ?
2. if he trade delivery basis and his selling transaction is below 1 Cr. and income is 1 Lac what will be treated by income tax rule ?
3. if his trade intraday or delivery transaction is above 1 Cr. and still income is 3 Lac and loss are 2 lac then what tax and audit will be ?
Hi !
Sir i want to ask you about stock income if anybody trade as a intraday trading for one year and his buying and selling Transaction goes above 1 cr. but the profit is only 1 lac and from other income his profit is 1 lac so then what will be the income tax slab for that and audit will be held for that case and tax will be charge ?
2. if he trade delivery basis and his selling transaction is below 1 Cr. and income is 1 Lac what will be treated by income tax rule ?
3. if his trade intraday or delivery transaction is above 1 Cr. and still income is 3 Lac and loss are 2 lac then what tax and audit will be ?
Nikhil Kaushik
(Expert)
31 May 2015
For situation 1 and 3, audit is compulsory is the intra day turnover crosses Rs 1 cr.
Delivery trades are covered under capital gains/losses
In option 2, is trades are delivery based only, there wont be any tax, the person will have to file ITR2 provided there is no other business income
Delivery trades are covered under capital gains/losses
In option 2, is trades are delivery based only, there wont be any tax, the person will have to file ITR2 provided there is no other business income
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