Income From Business and Profession

[Priyankur_Ghosh]

I am new in share market, i got some knowledge about STCG and LTCG, it is clear for me now. But recently when i open my Quicko Account there i see that i have a STCG (Which is ok) and Income From Business and Profession. But i don’t know why this (Income From Business and Profession) is showing in my account? I tried intraday 2 days only, and in that two days i book lose, then why this ‘Income From Business and Profession’ is showing in my account?? Please Help me.

[Nireka]

Hi @Priyankur_Ghosh,

As per the Income Tax Act, intraday trading is treated as Speculative Business Income, hence it is reported under the head ‘Income from Business and Profession’. If there are losses, the income would be negative and carry forward to 4 years.

Income Tax on Trading - Learn by Quicko

@Aakash_L

Loss from equity intraday trading is a speculative business loss. Speculative loss can be set off against Speculative Profits only. Thus, it cannot be adjusted against F&O trading income. However, you can carry forward the loss for 4 years and adjust it against speculative profits in future.

In case, you want to report your intraday trades under the head capital gains, you can do so by deleting them from the head - ‘Income from Business and Profession’ and manually adding them under ‘Income from Capital Gains’.

Hope this helps

[Nireka]

Hi @Priyankur_Ghosh,

We are seeing some Reversal trades in your trading activity, to help you better understand can you please share your TaxP&L report downloaded from Zerodha Console on help@quicko.com.

Also, we’d recommend you to mask / remove the data shared, since TaxQ&A is a public forum and it is not advisable to share your personal data.

[Sundaraiah_Kollipara]

it assessee professional income above rs:50 lacs tax audit it returns filer gst exempted person 44 clause applicable or not applicable.
expenses: telephone, salaries, electricity charges,pf,esi, rents,purchases of medicines, surgicial samans,depreciation,
Question:
how the fill procedure above expenses.

[Muskan_Balar]

Hi @Sundaraiah_Kollipara

For professionals having gross revenue exceeding Rs. 50 Lakhs

Add Regular Profession Income on Quicko

• In the Filing tab, navigate to INCOMES > BUSINESS & PROFESSION from the side nav
• Click on Regular Profession Income
• Enter the Profession Details and save

To further add expenses, you may refer to this article Add Business & Profession Expenses.

Hope this helps.

[Pranay_Saini]

I am doing freelance work for company that is based in London,They make monthly payments to me and they do not make TDS payment on my salary. So what is the procedure to file TDS in my case

[Surbhi_Pal]

Hi @Pranay_Saini,

In this case, you’ll have to pay your tax liability in advance tax. You’ll have to estimate your total income for the year and make tax payments for each quarter.

Here’s a detailed read on how to calculate and pay advance tax.

[Vivid_Kreations]

Earnings from business and profession include income from self-employment, entrepreneurial activities, and professional services. This income is derived from a range of sources such as operating a business, freelancing, or offering specialized skills. Successfully managing this income requires diligent financial planning, tax management, and wise investment decisions to promote financial growth and security.