Say my total realised short term equity(15% tax) profit is =30k
Out of which 7k is charges and 3k is other charges(Dp, Demat Amc and buyback etc charges).
Now one thing I noticed is they have clubbed Dividends received in Zerodha acc( due to selling on EX-date) into other charges lets say which are 2.5k.
So what would be my tax liability in all this because I have heard some portion my charges are deemed as the expense and can be deducted from the profits.
Also, What is “Intraday turnover” in my tax statement and how does it affect my taxes if any?
For Short Term Capital Gains - you can claim all the charges that are attributable to sale like DP, AMC, SEBI Charges, Exchange Transaction Charges except STT[ Securities Transaction Tax].
Deduct all the expenses excluding dividend credited and STT from STCG and pay 15% tax on the balance.
Dividends directly credited to Zerodha Demat after 1st April 2020 are taxable as per the applicable slab rates.
You have done Intraday Trading. Intraday Trading means buying and selling of stock on the same day.
Gains from such Intraday Trading are treated as speculative gains/income.
Intraday Turnover means absolute profit (sum of negative and positive differences).
We have special plans for ITR filing with multiple Demat accounts. If you can drop your contact details here, our team can get in touch with you for details, process, and discounts
The reason I posted some number was as I was expecting a detailed answer at least some round figures off course assume any possible amt for stt ,brokerage etc, and the major problem seems to be the GST, it’s everywhere Demat AMC, buyback, DP charges etc so can I remove GST from my profits? @Quicko@San78
Also regarding Intraday turnover, the number doesn’t seem odd cause it shows my net intraday P/L as -400 and Intradyday turnover as 13k, and I have definitely traded more on intraday than 13k. @ShubhS9
For STCG (Short Term Capital Gains), you can claim all trading expenses except STT (Securities Transaction Tax). Dividends received up to FY 2019-20 on shares should be reported as Exempt Income and dividends received FY 2020-21 onwards should be reported as Income from Other Sources (IFOS) in the ITR.
For Intraday Trading, trading turnover is calculated as an absolute profit. Absolute Profit is the sum of absolute values of profit or loss. Turnover is used to determine the applicability of a tax audit. However, for tax calculation, realised profit or loss is considered.
