WebJan 7, 2024 · Similarly, if the professional receipts are Rs. 42 lakhs and total turnover from business are Rs. 86 lakh. In this circumstance, as the gross receipt or turnover from a … WebSep 8, 2016 · In case of Loss from derivative trading, since profit (Loss in this case) is less than 8% of the turnover, therefore Tax Audit will be applicable u/s 44AB read with section …
How does taxation work for F&O Traders? - Capitalmind
WebJan 5, 2024 · Declare Trading as business income . Short term Capital Gain will come under business income. You can claim expenses like advisory charges, internet charges, etc. Need an audit for the same. Income tax on share trading – Audit . An audit is a proof of whatever we have declared is correct, auditing costs Rs. 10,000-15,000. WebIf you are a share trader: your shares are treated like trading stock in a business. your gains are treated as ordinary income. your losses and costs are treated as deductible expenses … official vs diplomatic passport
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WebDec 4, 2024 · Note 2 : The limit of Rs. 5 crores is applicable from the financial year i.e. 2024-2024. This is the case with digital transactions, and stock market trading is 100% digital. 2 … WebJun 1, 2024 · While there are multiple sections in Income Tax Act that refer to presumptive taxation, the current discussion is restricted to presumptive taxation under section 44AD (applicable to a majority of businesses including F&O trading). 44AD provides an option for small businesses to declare income at a predefined percentage (8%/6% for non cash/cash … WebThe phrase ‘debt incurred in respect of a trade or business’ is not confined to trade debts that have been claimed as tax-deductible expenses for Singapore income tax purposes. It … official wacky packages minis series 1