how to estimate income?
Pravin, this is kind of a grey area as the rules that hold good for other business don’t really for the business of Intraday trading.
The best way I think is to pay taxes for the profits you have currently made and then if eventually there is any drawdown from the current level, you can always get a refund after the end of the year. The IT department is getting quite efficient and doesn’t really take too much time for refunds.
why take tension, my simple view is do not pay taxes it will get in the pocket of thief politicians like dog rahul gandhi and nothing fucking good is going to happen in this country ,the way the parliment is working
but if i made profit below 200000 ( i.e. basic exemption limit ) say rs.50000 till 15th sep then do i need to pay advance tax on this 50000? if yes, then at what rate?
Any tax is paid only if you earn more than the exempted limit i.e.2,50,000/- Even if you earn more than that you can save taxes under section 80C (upto Rs.1,50,000/-). Using this you can save taxes upto an income of 4,00,000/-