Tax calculation method

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Sridhar Mishra (Querist)
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19 August 2014 If somebody gain any amount from capital market as intraday profit(speculation) and income from F&O segment then what is the Income Tax rate for that? Shall he has to pay @15% or less.

When Filing ITR-2 even though you select sec 111A then also it calculates the capital market income @15% not the 10% slab even though your income below Rs.5 lacs.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 August 2014 1. you cannot file ITR 2 in this case. you need to file ITR4/ITR4s depending upon other factors because, intra-day trading is covered under business income instead of capital gains.

2. Doing as per step 1 will solve the tax rate problem automatically.

Sridhar Mishra

Sridhar Mishra (Querist)
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23 August 2014 What you say I agree for that but for Salary employee who has the income from other sources like capital market income then they have to file ITR-2.Please advise whether ITR-4 is applicable for salary income + capital market income + house rent income or we have to file ITR-2 only.