Need help regarding tax


#1

I am the salaried person my salary is not more than Rs2 lakh
I recently start intraday I sadly have loss of 1900
now my question is should I liable to pay tax
because some people are saying I need to Audit my income by CA
and 2nd thing why I need to pay tax on intraday I am already paying it on daily bases at the end of the market session in form of GST and STT
I tried many forums and the online article by Zerodha varsity but still in confusion

Thanks


#2
  1. If your turnover does not exceed 1 cr. per year, you do not need audit.

  2. Since, you have a loss, you can set it off for 3 years against your short term capital gain.

  3. Tax here means Income Tax. Everyone has to pay Income Tax which is direct tax. STT, GST etc. are indirect taxes and you don’t get any refund for these.

  4. If you do not file income tax return, you cannot claim short term capital loss (point 2 above).

  5. Always better to file ITR since, you might get a refund for TDS deducted anywhere like bank, employer etc.

It is fairly easy to file ITR for salaried people and you can do it online yourself directly on incometaxindiaefiling.gov.in website.


#3

just to confirm, in point 1 it 2 cr. per year? As I read on internet


#4

You need to check. Last time i checked, it was 1cr. But the limit keeps changing.


#5

ok sir thanks
and one more doubt
here turnover means the message i got from NSE daily at 6 pm that me trade value is Rs xxxxxx ?


#6

Turnover is

(Buy price X Qty) + (Sell price X Qty). Contract note has this figure calculated for you.