Tax Advice please:Example:
For Profit of 15 lakhs full time trader (no other income).
How much do i need to pay Tax?.
What Exemption I can get?
Should I consider this as a Business income or Salary?
This is a business, and you can show all your expenses incurred towards trading (from internet, depreciation of your computer, to any other related costs)
Reduce these expenses from 15lks and then you can plan taxes using ULIPs etc.
Tax has to be paid according the slab, 0 to 2 lks nil, 2 to 5 10%, 5 to 10 20%, 10 and above 30%. So considering 15lks that is 30k + 1lk + 1.5lk = 2.8lks. If you show expenses I guess this will reduce.