Can a government employee do intraday if yes what will be a income tax process.
I think anyone can do intraday. Intraday profit I think is treated as short term capital gain.
Google it for income tax rate. I think it is 15%.
It consider as Speculative Business Income for any class of income even salaried, You need audit your account and statement with CA before filling the ITR 3, if your turnover exceed Rs 2 Crore which is easily reach if you buy and sell stock by using margin, Turnover = (buy amount * stock qty) + (sell amount * stock qty) it not mean by profit, remember there is the difference between turnover and profit
If you are a salaried individual and made gains or losses from intraday trading in financial year 2017-18, you must file your return in ITR form 3 for assessment year (AY) 2018-19. While calculating net losses or gains from intraday trading, you can deduct security transaction tax (STT) paid on your transactions.
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Ca required??
Hello,
Intraday Trading is buying and selling of stock on the same day.
The trader squares off the trade on the same trading day and does not take actual delivery.
For Income Tax purposes, the intention is considered to earn profits from the fluctuations in prices. Therefore Intraday Trading of Equity is taken to be a Speculative Business, and it should be reported under Income from Business & Profession in ITR 3.
Find out which ITR form to file using this Know your ITR Form tool.
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