Sir,
I am new to trading world, and want to know at what point trading becomes business as per income tax act. As far as i know STCG is 10% on profit if shares are held for less than one year, and if more than one year then capital gain is exempted. Also tax from Business is 30% after particular slab, my dilemna is that i am a swing trader and want to know do I have to pay 10% tax on my short term profits or 30% because my volume is large.
Also can i cut off short term losses from short term gains.
Thanx in advance.