Hello Experts,
I am a small time F&O trader and have made a profit of around 120,000 in the current financial year after deducting brokerage, STT, stamp duty, etc..
I have a afew queries
Am I liable to pay income tax?
Do I need to file ITR, if yes, which one..
Many thanks,
Amal
Dear Amalendu,
The income from F&O transactions will be taxed as business income. Whether any tax liability is there or not, shall depend on your total income.
With regards to tax return, you can file ITR4/ITR-4S depending upon your total income, turnover etc.
You can contact us for professional assistance in this regard.
Agreed with Nikhil...................
Sir,
I am a trader. I want to know the turn over calculation for income tax. I did the calculation as given below.
1. Derivative Future : Total of Profit & Loss (ie., Proft = 25000 Loss = 25000 , turnover = 50000)
2. Derivative Options : Total of Profit & Loss (same way as did in Future)
3. Derivative Options : Total of the sale value of options
4. Equity Cash : Total of sale value.
Please help me.
Thanks
CAclubindia
