Im pretty new to trading and ive done f&o trading in high numbers at low profit or gain.
My f&o profit is 25k while brokerage, stt and other charges add up to 15k which i have paid. While filing itr do i have to put my f&o profit as 25k-15k=10k or the entire 25k as taxable business income and pay tax on that based on tax slab?
Hi @Yohan,
You need to enter the entire profit as business income. You can then enter the amount paid as brokerage, stt and other charges as expenses. These will be deducted from your gross profit and you’ll have to pay taxes only on the net amount.
Here’s a read that covers the details: FY23-24: Step-by-step guide on filing tax return for traders – Z-Connect by Zerodha
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