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Tax on futures trading

Tax queries 281 views 2 replies

hello. my age is 24. i am male. i am full time trader . what i mean trader is that i trade stock market futures. and carry position max 10 days and sometime books profit on intraday basis as well. in year 2012-2013 i have made about 200000 rupees profit. so any body can please guide me to pay tax for this money i have made from trading. i don't have my own house or any insurance policy. This is first time i am paying tax.

 

Thanks

 

Replies (2)

You are required to file ITR-4 and assess your profits under income from business/profession. You may claim expenses such as internet charges, stationary, computer expenses etc. 

Yes, agreed with mr. Mihir


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