Hi diosys,
I have gone through the queries and responses above but still my doubt prevails. I am sorry to ask you again.
I am trading in Options(F&O) daily and making good profits. What is the rate at which these income will be taxed? Do I need to keep auditor for audinting my accounts? or do i simply when I file my returns through Tax consultant, mention the profits and Tax can be calculated? Is there any relaxation for the females? is there any slabs on which the income is taxed?
Thanks in advance
I have gone through the queries and responses above but still my doubt prevails. I am sorry to ask you again.
I am trading in Options(F&O) daily and making good profits. What is the rate at which these income will be taxed? Do I need to keep auditor for audinting my accounts? or do i simply when I file my returns through Tax consultant, mention the profits and Tax can be calculated? Is there any relaxation for the females? is there any slabs on which the income is taxed?
Thanks in advance
You have asked soooo many questions which i have already answered earlier....
1.) There is no fixed rate of taxation for income from F&O . depends on other income.
2.) Auditor is required when the turnover crosses 40 lacs in a Financial year...
3.) If point 2 is met then an auditor report is required otherwise anyone can file your ITR.
4.) Females generally have a 3.5% less taxation than males. That your tax consultant should be able to inform you.
5.) There are many slabs according to which taxation is done....
MALE
1-150000 - Tax Nil
150000-300000 - Tax 10%
300000-500000 - Tax 20%
above 500000 - Tax 30%