Hi, I have a small query regarding Income tax.
My main income is from investments in shares, bank fds, bonds etc & no other income. I fill ITR 2, while filing returns. My net income is not taxable right now.
Now, I have taken a stock broker's trading terminal & plan to start client work & earn brokerage. The trading terminal is in my personal name & I do not want to create any seperate firm or any entity. My 3 small queries which are as below.
1. The share brokerage income will be included in my income. I understand that. Am I right?
2.There will be some expenses like office expenses, tea, telephone expenses, terminal rent etc. Can I claim deduction of those expenses, while filing ITR
3. I have a seprate bank account for stock trading terminal. Now, as my main income will be from share, fd, bonds investment, & the brokerage income will be shown as business income, so will the accessing officer combine all my income & show as business income?
I understand that I have to fill ITR 4 this time. Is it right? Please let me know. I am very confused. Thank you for taking your time to read my query.
Regards,
CAclubindia
