Hello!
I started trading from Jan 2025. I am now a bit baffled with the taxation rules. Last year I relied on my tax consultant . But this year, I need to find new consultant. This time, I am doing some research for proper ideas so that I can understand things which he would say and I can discuss with him properly.
I googled and used AI, but I am getting a bit contradictory info.
I would be grateful if anyone kindly guide me with the following:
- I downloaded Tax P&L and P&L sheet for previous financial year for F&O, Equity, and Commodity from Zerodha Console.
For F&O and Commodity, the sheet show gross profit but my net is in loss for high charges. For example, if my gross profit is 10k, my net loss is 30k because I spent 40k in charges. I know I overtraded, but being a rookie, I made that mistake.
My query - will govt consider my net loss or gross profit in both F&O and Commodity for tax?
I was thinking to offset my STCG with net loss in F&O, but now I am not sure if I can do that.
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Do I need to file different ITR for equity and for F&O and Commodity? I have been reading about ITR 3. So I need to file ITR 3 - right?
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I am a freelancer and in most part of the previous financial year, I had contract with a company who paid me monthly salary. They cut tds and they paid the amount to me. There is no EPFO involved as I am not technically their full-time employee. So can I file ITR 3 for both my share trading and my work?
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What form does a full-time salaried employees fill up who also does F&O and commodity trading? ITR 1 is for salaried employees.