Hello.
I trade alot in fno.
My query is usually my total traded value buy and sell crosses 200cr on daily basis.
So I need something to worry.
As far as I know I have to pay taxes which is mentioned on contract note on my broker. Stt and all other charges. That’s it?
Is there anything I am loosing behind
Is there any limit of total traded value on income tax. Or I have to pay taxes on profit/loss etc irrespective of total traded valuee
There shouldn’t be any problem with the traded value. You might have to get your accounts audited and pay taxes on your profits. Income taxes to be paid in advance in 3/4 installments before 31st March of the same year to avoid interest on delayed tax payments.
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Hi @sudeep_gupta,
Income or loss from F&O Trading will be taxable under the head Income From Business and Profession . You need to prepare and maintain books of accounts for your trading activities. You can claim all the trading related expenses while preparing your books of accounts. Hence keep the invoices and supporting of all the expenses with you. For example, keep the invoices of fees paid to an advisor, software purchased for trading analysis, online subscriptions paid etc.
ITR-3 needs to be filed. And following is our article on Documents required for ITR Filing:
Documents Checklist for Trading Income
Hope this helps! For any further questions feel free to connect with us at Quicko, we’ll be happy to help!