Intraday income

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INCOME TAX PRACTITIONER
1023 Points Posted on 06 January 2020

IF I EARN 1000 PER DAY INCLUDING COMMISSION AND TAX, AFTER DEDUCTING THE EXPENSES BALANCE X 20 DAYS APPROX DO BUSINESS MEANS 1000-300=700 X26X12 =218600 ,

CAN I ADD DIRECTLY MY AS OTHER SOUCE INCOME OR NEED TO CALCULATE FOR THIS 218600 X 20%?

THEN THE OTHER INCOME (salary 350000/-) calculate separate?

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On 06 January 2020 at 12:30 Report
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Quick Summary
This discussion clarifies how intraday income should be taxed. It explains that intraday trading is considered a speculative business and therefore taxed under the head 'Profits and Gains from Business or Profession' (PGBP), not capital gains. The calculation method for annual income is also touched upon, suggesting specific tax treatments for different income sources.

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student
154 Points Posted on 06 January 2020
Intraday income should be accounted under the head Capital gains not under other income
1 Reply
On 06 January 2020 at 12:55
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Manager
54 Points Posted on 06 January 2020

Intraday trading is speculative business, as such assessed under head PGBP.

3 Reply
On 06 January 2020 at 13:22
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5751 Points Posted on 07 January 2020
Intraday income will be charged to tax under the head speculative business and not under capital gains
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On 07 January 2020 at 01:58
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Student CA final
930 Points Posted on 02 April 2020
Try visit telegram and search @ SpTechTrade or visit web t.me/sptechtrade
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On 02 April 2020 at 09:43

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