any reason/document where you got this 30% flat slab rate on speculative income? I don't recall any specific tax provision for the same.
Intraday trading income(profit or loss)falls under speculation head,but taxed as normal tax slab..
Only income from casino,horse betting,lottery win,profits from Cricket Satta,bet on a street dogs,flying mugans betting taxed at 30%..
Only income from casino,horse betting,lottery win,profits from Cricket Satta,bet on a street dogs,flying mugans betting taxed at 30%..
Thank you for your posts. I may wrong in my understanding and need to update my knowledge.
As there is no document which says that speculative income / loss from equity intra-day activity are to be taxed at regular slabs, I have taken the stand that all sepculative gain will be taxed at 30 %.
I refer to the below
As per Sec 28 of the income tax act -
Explanation 2.—Where speculative transactions carried on by an assessee are of such a nature as to constitute a business, the business (hereinafter referred to as "speculation business") shall be deemed to be distinct and separate from any other business.
The above are my views and understand and are posted for information purpose only.
The final say is with the tax officer / department.
Enjoy,
CArnot