Traders,
- Did you know that if you trade, the govt. gets to know of your trading activities from the broker?
- That IT dept considers trading a business, and that you're supposed to report as such? (ITR-1?2?3?4?5? )
- That Equity trading is speculative and F&O trading is not? )
- That if your income from trading is less than (6% ? or 8% ?of your turnover, you have to get your tax returns audited by a CA to claim exemption for your losses?
- That a CA charges 20000-30000 for an audit?
- That, if your losses are less than 30000, it is better to swallow your losses and don't try to claim exemption them? (for the reason above)
- That you can claim exemption for up to 2 years from 31 March for each loss making year?
- That the definition of turnover is different for speculative (intraday) and short-term (delivery) trading?
- Many more intriguing intricacies that make IT returns a nightmare for traders. If you're salaried, its worse. If you trade more than one segment, it's more worse.
- http://www.business-standard.com/ar...you-play-the-stock-market-115081001570_1.html
- http://www.financialexpress.com/ind...rns-how-to-treat-share-trading-losses/354442/
- http://profit.ndtv.com/news/your-mo...e-tax-gains-from-your-losses-in-shares-749203
- http://www.niftymillionaire.com/taxation-simplified/
- https://sasonline.in/taxation-simplified-traders/
- https://cleartax.in/s/income-t
- ax-audit-limit-for-businesses-professionals
- https://cleartax.in/s/capital-gains-income
- http://www.business-standard.com/ar...-while-filing-i-t-returns-115072000406_1.html
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