taxation of a partnership firm dealing with equity tradings.
This query is : Resolved
14 February 2009
sir, i would like to know how a partnership firm whose only business is trading in equities & futures will be taxed.since a partenership firm already pays capital gain tax on equities & futures & options, will it have to pay additional tax on the net profit made.or is it sufficient to just pay capital gain tax since its only business income is from trading in equities and derivatives.
14 February 2009
SIR, I WANT TO CLARIFY YOU THAT INCOME FROM FUTURE & OPTIONS ARE ONLY TAXED AS NORMAL BUSINESS INCOME . HENCE QUESTION OF CAPITAL GAINS ON FURTURE & OPTION DOES NOT ARISE.
AS REGARDS, iNCOME FROM EQUITY TRADING, IT IS EITHER TAXABLE AS BUSINESS INCOME OR ITS TAXED STCG/LTCG,DEPENDS UPON WHICH METHOD IS MOST SUITABLE TO U.
INCOME ONCE TAXED UNDER ONE HEAD OF INCOME , IT CAN NOT BE TAXED AGAIN UNDER ANOTHER HEAD.
IF ANY DOUBT, PLEASE CONTACT ME
AS REGARDS, iNCOME FROM EQUITY TRADING, IT IS EITHER TAXABLE AS BUSINESS INCOME OR ITS TAXED STCG/LTCG,DEPENDS UPON WHICH METHOD IS MOST SUITABLE TO U.
INCOME ONCE TAXED UNDER ONE HEAD OF INCOME , IT CAN NOT BE TAXED AGAIN UNDER ANOTHER HEAD.
IF ANY DOUBT, PLEASE CONTACT ME
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
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Foreign lottery ticket bought online from India: legality, tax and consequences
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- 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
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
