AMA: Simplifying Taxes for Investors & Traders with ACEink

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1

We tried Simplifying Taxes for Investors & Traders with ACEink Team.

Where @Vishvajit_Sonagara talks about:

  • Old v/s New Tax Regime
  • Taxation changes for Investors and Traders
  • Tax Saving on Capital Gains
  • Tax Savings opportunities outside Chapter VIA deductions
  • What is Tax Loss Harvesting?
  • What are the ways to file Income Tax Return?

Got questions that were left unanswered?

We’ve got you covered. Shoot all your questions here :slight_smile:

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I am salaried person under 30 percent slab. For last 3 months, I am doing Options trading. Though I am still in losses.
Please tell me what is rule of ITR and taxes.

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Hi @Dinesh_Chauhan,

Your salary will be taxed at the applicable income tax slab rate and should be reported under the head ‘Income from Salary’.
F&O is treated as a non-speculative business activity and will be reported under the head ‘Income from Business/Profession’.
Under the old tax regime, you can carry forward the F&O losses to the next 8 years and set off against future gains.

Hope these help :slight_smile:

4

Sir I have no earnings as I’m unemployed so that’s why I haven’t file any income tax return yet, but i have some amount like 80k or 1 lac in my trading account by which I usually do intraday trade…by this trade practice if I earn less or more than 1 lac in single financial year…is there any need to file income tax return…and what about trade turnover more than 10 crore through intraday, need compulsory tax audit…?

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Hey @VISHNU_SHARMA, yes, if turnover exceeds 10 Cr in a financial year, irrespective of profit/loss, it is advisable to file ITR and also have your books of accounts audited by a CA in practice. Trading in Intraday is termed as speculative business income and thus it will be reported as business income and have to file ITR 3.