@siva@nithin. I trade bracket order mostly. Every order i execute, charges are collected EOD, brokerage, stamp, gst, etc etc. Based on total turnover. Again why do i have to pay Income tax? bracket order trade profits are already settled with excluding all the charges. Right?
Following are some of the expenses that can be shown as a cost when trading
All charges when trading (STT, Brokerage, Exchange charges, and all other taxes). I hope you remember that STT can’t be shown as a cost when declaring income as capital gains, but it can be in case of business income.
As I can guess, your trading volume should be high enough that you will need an audit while filing ITR, so consult your CA for more…
On these forms, @Quicko provides help regarding taxation
Income from trading activity is considered to be a business income as per income tax act. Trader should file Form ITR-3 and report financial statements. Also, applicability of tax audit must be determined. The Due Date to file ITR for FY 2020-21 has been extended to 30th November 2020.