Are these charges and credits/debits deductible from tax liabilities? For example, If I have short-term realized profits worth Rs.100,000 and total charges Rs.10,000 and other credits/debits Rs.-5,000, what will be my taxable amount and how much will be the tax payable?
Are 'Total Charges' and 'Other Credits/Debits' mentioned in Console's Tax P&L adjusted while filing returns in ITR-3?
@Quicko can you.
A trader can claim all the expenses directly connected to the trading income as a deductible such as internet, brokerage charges, etc. These expenses should be completely incurred in relation to your business and professional income, which in this case is your trading activity.
Here are all the expenses a trader can claim when filing your ITR