WebIf I have consulting income of say 35 lakhs and speculative profit of 10 lakhs, can I file the Rs35 lakhs under presumptive tax and separately pay tax on speculative gains of Rs10 lakh? ... There is a large scale misconception and ignorance about the presumptive taxation related sections in the Income-Tax Act. WebApr 4, 2024 · So, this speculative business income gets added to your overall income and is taxed based on your income tax slab rate. Let's help clear this with an example. Arun receives a salary to income of Rs. 10 lakh. But in the financial year, he also received short-term capital gains of Rs. 1 lakh. This makes Arun's total income amount to Rs. 11 lakh ...
Weyerhaeuser
WebOct 1, 2024 · 1. Whether the income from intraday trading is taxed under the head capital gains or business income? Ans: As per section 43(5) of the Income – tax Act, 1961, … WebSpeculative vs. Non-speculative Transactions – Income-tax Perspective. Business transactions are often treated as speculative transactions when there is an element of … sudhi choudhary ifs
How to File ITR 3 for Intraday and F&O Trading AY 2024-22 - YouTube
WebApr 10, 2024 · Your final LTCG would now be Rs 50,000, and you will only have to pay a tax of Rs 5000 at a rate of 10%. If you invested Rs 10 lakh in a stock today and made an STCG of Rs 3 lakh within 1 year of ... WebJul 7, 2024 · Turnover considered for the purpose of Sec.44AD-. Since, a number of transactions in speculative business are involving intra-day transactions, futures and options etc, turnover is based upon the following two situations-. If delivery of Goods is made-. Turnover = Value of Scrips sold. WebJul 26, 2024 · As per Section 43(5) of the Income Tax Act, 1961, intra-day trading shall be considered as speculation business transactions and the income therefrom would be … sudhin chatterji