May i Need to pay Tax?

General
1

but my profit is 3 lacks
my loss is 1 lack
so net profit is 2 lack
no other source for profit
From this
I have Two Questions
1)May i Need to pay Tax when above situations?
2)My Transaction is more than 1 crore cause any extra charges like tax,commission etc?

2
  1. Tax has to be paid only if your income per year is above Rs 2.5lks
  2. If turnover is more than 2 crores or if profit <8% of turnover, you need a CA audit, which might cost you little money.

Suggest you to go through our module on taxation on Varsity.

3

hello trader,

In your case there is not tax payable, BUT it is very important that you STILL file an ITR to avoid receiving a notice from The IT dept.

4

Why may he receive an IT notice if he doesn’t disclose his non taxable income? And what are the disadvantages of getting that notice in his case? Could you please clarify?

5

The taxman does not know whether a trader is in profit or loss, all they know is that a trader is paying a certain amount of STT , Stamp Duty etc . If ITR not filed , the data mining computers assume that a particular trader is having undisclosed income. Once you receive the Notice, they process is different and time consuming. Filing ITR on time to disclose loss or profit avoids all these stress.

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6

In which condition i need to fill INcome Tax Returns,even i have less than 2.5 lacks overall income

1)with the help of leverage,my overall transactions is less than 50 lacks
2)with the help of leverage,my overall transactions is less than 1 crore
3)with the help of leverage,my overall transactions is more than 1 crore
4)with the help of leverage,my overall transactions is more than 2 crore

7

Long term capital gains on stocks are exempted, if STT has been paid. For short term capital gain, if net profit is less than Rs 2.5 lakh, no need to pay taxes. But, you definitely need to file return to set off the loss.
For transaction value more than Rs 1 Lakh, no such implication.
If you wish to save taxes, do refer http://moneymji.com/now-time-fire-bullets-taxes/ for getting maximum deductions.

8

i have only 15000, using zerodha equity margin, i made transaction more than 1 lakh?still i need toto file Income tax Returns?

9

file return for set off the loss-RIGHT, but on or before the due date. as per sec.139(1.)

10

read nithin’s answer - Tax has to be paid only if your income per year is above Rs 2.5lks.

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11

I have gone through your module on taxation but have little confusion on how to calculate the turnover and the profit.
thus turnover mean the gross profit and profit means the net profit?

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12
  • if your income is less than tax slab than you don’t have to pay taxes.
  • if your turnover is more than u/s 44ab than you have to go through tax audit and file the return with whatever profit/losses for that year.
  • if you want to carried forward the losses, if any, than you must have to file return and that is also within time limit defined u/s 139(1) of IT Act.
  • It is abosolutely adviceable to filed the return whatever the position you had in perivious year.
    Thanks
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