can the salary vary each months ?
Can I claim expenses like Monitor / printer ? if yes, is that going to be full price claim or depreciation like computer/laptop?
Hi @SaratP
You can claim the depreciation on such devices if they have been used for your business.
Depreciation is applied at full rate if the asset is used for more than 180 days in a year otherwise at half rate.
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If weâve shown STT, Transaction charges, Stamp Duty, GST, etc as âDirect Expensesâ (since weâve to show Turnover from âSale of Optionsâ under Revenue from operations) to get our âGross Profit from businessâ which is our true profit left with us.
Can we still claim STT, Transaction charges, Stamp duty under âProfit and Loss Accountâ as expenses also?
For example, after paying all charges through broker the amount left is Rs10,00,000 and Rs2,50,000 is paid as brokerage, stamp duty, GST, Sebi charges,etc and Gross Profit shown by broker is Rs12,50,000. So can we claim all those expenses to reduce our taxable income to Rs7,50,000. Can you please help on this?
Hey @delta,
You can claim the expenses only once, i.e. if you have made profits of âš12,50,000, you can deduct the expenses incurred in the form of STT, stamp duty etc, and pay tax on the net profit that will be âš10,00,000.
Hope this clarifies.
Hello,
But our Net Profit is only Rs10,00,000 which we get after, so even the person who doesnât understand claiming expenses heâll write Rs10,00,00 as its Profit earned, so those STT, Brokerage, Transaction charges,etc claiming wonât give any benefit, those are already deducted from contract note (including brokerage).
Hello @delta
Yes, You are supposed to pay taxes on Net profit of business income. You can claim the expenses only once. However, you can claim other allowable expenses apart from STT, stamp duty, brokerage etc. incurred for business.
Hope this helps!
Hello!
I am a salaried individual with income from options. I bought a car and mobile phone, and wanted to check if its possible to claim depreciation on it. Thanks!
Hey @Sushant,
Trading in options is considered as business. You can claim depreciation on assets if they were purchased for your business, which is trading in this case.
Hi, my income is from derivatives trading in my personal account. My husband is helping me with trading and the trading account is managed by my husband. So, from my profits can I pay my husband a fee/consulting charges etc. for managing my trading account and mark this as expense related to trading activity?.
Hey @myth1718,
Yes you can claim it as an expense. However, the charges paid to the husband need to be reported by him in his ITR as income.
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Hi, what is the limit above which it needs to be reported? I am paying my wife salary of 30000 per month, so 3.6Lakhs, not taxable in default new regime. Should my wife still report it?
Also, I do a quarterly transfer of 90000 for 3 months. Would those transactions be sufficient as proof or any other complications like adding her PAN while filing my ITR, deducting TDS, etc? Thanks. @Surbhi_Pal @AkashJhaveri
@Surbhi_Pal @Muskan_Balar
Letâs say if I purchase an office on loan OR without loan for the sole use of trading. Can I claim it as an expense & interest component also can be claimed?
and what about other expense like furniture desk laptop & monitors ?
Hey @rakesh1816,
If you have taken the office on loan, you can claim the interest as an expense. Moreover, on assets like laptops and monitors, you can claim depreciation.
Hope this helps!
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