I think I need to Pay Tax only If my Profit (Total Investment Amount/Buy Value - Total Sell Value throughout an entire FY ) is greater than the current Taxation Slab, i. E. Rs. 2,50000> Right?

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Yep, everyone in India has to pay taxes only for the income above Rs 2.5lks in a year. Check this module on taxation: http://zerodha.com/varsity/module/markets-and-taxation/

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