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Income from intraday trade


Hiten (CA)     06 July 2016

Hiten
CA 
 7 likes  275 points

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Please anyone tell me how the profits are determined in case of intraday trade. is 8% of turnover applies here if yes then how to calculate turnover from intraday trade. 2) if suppose I sold some shares (cash market) from opening stock then for the purpose of calculating gain what rate will be used?

avater

Aditi Kaur (Practising CA)    07 July 2016

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Sourav Mehta (Partner)     06 July 2016

Sourav Mehta
Partner 
 1 likes  36 points

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In the case of intraday trades, turnover is the nett value (sale minus purchase or purchase minus sales, as the case may be) of every trade. Section 44AD applies to all business except those specifically mentioned therein like Commission, Profession etc. 

2. Please explain what rate are we talking about for calculating gains ?

avater

Hiten (CA)     06 July 2016

Hiten
CA 
 7 likes  275 points

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Its buying and selling rate souraV

avater

anshika mishra (student)     06 July 2016

anshika mishra
student 
 21 points

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For f&o case.... the profit n loss are added....n den 8% z applied... fr example loss of 5000 n profit of 12000 z transacted..... therefore the turnovr would b 17000 (not 7000 )/... den 8% z applied on 17000 fr tax calculation...


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