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Tax on f & o trading turnover

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 February 2017 I trade in F & O and have a turnover of Rs. 6 lakhs ( Total of all profits plus all losses ). Net loss is Rs. 2 lakhs
I fall in 10% tax bracket
What percentage of turnover is taxed.How much tax do I have to pay on the turnover of Rs. 4 lacs.
I will be thankful for a reply.Regards.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 February 2017 Opt for tax audit and claim the net loss of 2 lacs in the return.
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