Taking care of taxation is a critical aspect of the business which every trader needs to plan in advance.

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As and when the Income Tax IT department in India is going completely online, their efficiency of spotting deficiencies, misfiling or wrong filing is going up considerably.

In the year ofthere was almost a million automated tax notices that was sent out by the IT department for people not filing or misfiling their taxes. In the capital markets it is even more trickier as different people have divergent views on how to consider the income and expenses while trading.

It is also important to declare all trading activity as the chances of non compliance being spotted is extremely high with the technological advancement of our IT department. One of the biggest problems I faced as a trader was that it took me a long time before I could understand the meaning of all the financial terms my CA used. I will try to the best of my ability to keep this section as simple as possible, hopefully something which even a beginner with no background on taxation can understand.

Our expert who will be helping us in putting up the blog and also answering queries would be Om Prakash Jain a Chartered Accountant with TaxIQ. Love playing poker, basketball, and guitar. Hiwhen resident stocks are sold by an NRIis there a tax to be paid.

These stock are held in a resident trading account for more than 3 years without any activity. Hi I am not tax payer I am self employee i just try share market my own risk but its not supporting my trading so I just droped trading in case I have loss nearto in overall 2 years what I do thanking u n. This will be a great help for small traders. Yes you can take money as a loan from anyone and do whatever you wish.

Yes you can pay back the interest to the money borrowed from the person who is lending it to you. The grey area is if you are going out there and taking money saying that you will invest it into the market, then you will have to be a registered portfolio manager with SEBI and all the regulatory requirements will make sense only if you are raising atleast 10 crores.

So if i take them as loan, how i will be taxed on the loan amt. You are not taxed on a loan as it is a money you are borrowing to repay back.

Business expense would include the interest you are paying back, your utility bills, computer costs, data feed costs etc. Will that be illegal? What will be the implications from IT dept if any? If you are borrowing money as a loan, you can do anything you want to do with it, including trading, there is no issues.

I have been doing this and have made profits on money borrowed from my brother. I have following queries, please help:. Is there any other way i can show the amount transferred to me by my brother so that the point of registered portfolio manager simply goes out of way? Do I need to do any kind of documentation stamp paper etc. No need of any documentation like stamp paper etc.

On your balance sheet show the credit entries as a loan. Dear Sir, What is the maximum percentage of interest that can be paid on loan amount taken from family and friends? No Gautam, there is no regulation on how much money you pay someone as an interest for borrowing money. One more query …. If yes, what all would I have to do in order to take dealer terminal.

Gautam, no, we did for a bit, but we pulled it back as it was not compliant to exchange regulations. Hello, Thank you for the initiative. Which category will I come in? There are options like Trading-RetailersFinancial Service Sector-Share Brokers, Sub-brokers, etc. Can you kindly tell us? Hello Zerodha, Thanks for answering my previous query. I have a query regarding turnover calculation in my case. The purpose of calculating turnover is only to decide if auditing is required.

My understanding is that since I am filing as a trader, Short Term Equity trading also comes under business. Does Short Term Equity trading affect Turnover? In this case how is the turnover calculated to include Short Term Equity Tradinge? How is the intraday numbers included in the turnover? Does intraday trading affect turnover? If you have no other income, and your total income is less than Rs 2. But if you have other income and you fall in a tax slab, then yes, audit is required.

Check this new module we have put up on taxation. Hi Nitin, Are you absolutely sure about this? My CA says no matter what if I wish to carry forward losses, I would need to do an Audit done. My income is less than 2. Thank you very much Zerodha for the answer. I am quickly summarizing your answer using examples below for better understanding for me and other readers. Sorry for the long illustration. Or should I add H also here?

Is this correct method? Has reply to this query been sent? I am also keen to know. In case of loss in FNOthe totalloss is to be shown the cost of purchase and profit is to be shown as sale value? OR The the profit in FNO is to be shown as cost of of purchase and loss is to be as sale value in negative e.

Assume I have traded nifty in june and july. My net profit for june was an net loss in July was My turnover for nifty is Like this when you are calculating turnover, all such profits and losses of various contracts has to be added.

Our PL report does this calculation for you and at the bottom of the sheet shows Total profits and total losses. Add this number and this is your turnover on FNO.

One thing you have mistaken is that when doing delivery business, your entire debit and credit from the ledger is considered as turnover. You cannot add expenses to the turnover. By turnover, it again means gross turnover as shown in PL report. Zerodha, Thank you again for the reply. Couple of more questions though. In the Jun 249: Also some confusion about a statement in last reply Jun 247: It is not at all making sense for me.

While calculating delivery based turnover, you have to consider the entire purchase value and the entire selling value. We were having some issue with displaying it on BO, but we can have a pdf mailed to you immediately.

Expenses needs to be used to determine your profitability and not turnover. For turnover calculation while trading delivery based, you calculate only the sell side of transaction. Similar to how if we are a shopkeeper selling goods, you consider only the sales as turnover and not your buying. Zerodha, Thanks for the answers and followup correction.

I was told it will be updated tomorrow. Just want some clarifications on the funds I received, some of the funds I traded are funded by my uncle from his NRI account for personal use, but they are in loss. Firstly it depends on if you intend to repay this money back or not. But in both the cases you have to show the source of funds received. If the idea is to not return this money back uncle has gifted you moneysince he is your uncle who has given you money, it can be shown as a gift and this gift would be taxfree for you.

Uncle comes under the purview of a relative. If you intend to return it back, show it as a loan on your balance sheet, which will basically be repaid back later. I have traded in derivatives segment for turnover less than 1 crore, and incurred some 30, odd loss. I dont have any source of income ,and the initial capital of for trading account was contributed by my father. Am i supposed to get my books audited and return filedeven though my income is zero.

You will have file your income tax returns no matter if it is profit or loss. The benefit you get by filing even when you have made a loss is that you can carry forward the loss for next 8 years. So this 30k you have made a loss this year and if next year you make 30k profit, you can set it off and you would not need to pay taxes next year. Do read the other blogs in this section. Hi,Thanks for your reply.

I have read most of the blog and your one particular reply has confused my understanding of trader taxation. To my query you say that since trading is a businessyou have to get your audit done and return filed even though your income is less than taxable limit. Below is a query and your reply which confuses me:. Is it still mandatory to file returns because he trades in market? If yes which form he has to use? Can he get benefit of carry forwarding the losses if his salary is the only income?

Zerodha replyFeb 33: But my advise would be to still file it as it brings about a financial discipline and will help you in future when you approach a bank for a loan or other such activities. It is not mandatory to file, but if you are filing you still use the same forms which I have mentioned in the article above. Yes you can get the benefit of carry forwarding the losses even if salary is the only income.

But to get benefit of carry forwarding the losses, you need to ensure that you have filed your returns before the due dates otherwise you let go of this benefit. So whats the difference between my case and this case. What happened this year is in April, May and June was that a lot of people started getting notices under When we enquired on this, we realized that these notices are because of change to Section 44AD, where the business of trading was included in the list.

See this blog for more: Please let me knowwhich statement should i download from your site for auditis it just the ledger will do? The ledger and the Profit n Loss statements. You would also need your bank account statements. Is it possible to carry over losses made in derivative trades or where shares are not taken into the demat account and settlement done intra-day.

I was specially wondering what is the case when forex trading is involved as here it is impossible to take delivery. In a business if you make a loss, you can carry forward this loss for 8 years and net it off against any future business profits.

The above blog explains on the same… Cheers. I am a AP state govt. Could you please let me know can a GOVT. I Read some where that he cant do as per DoPT OM No. And its turnover is Total Value of Securities Bought and Sold above 1 crore. Now no loss and no profit. Could you please suggest me What shall i do?

Shall I tell him to stop trading in my account OR let him continue trading in my account? Also suggest whether i should maintain books and disclose this in IT Return. Thanks And Regards, K.

Based on the organization, you might be required to declare your activity to the organization that you work in. Do read our blog on taxation simplified and also the queries on turnover. Turnover is sum of all your settlement profits and losses. You want to trade or not is your call, but if you are trading make it a point to maintain your books and file your IT returns disclosing your trading business. In some cases I am finding 0 in buy quantity or 0 in sell quantity. I guess you would see this only in case of options.

I would like to fill ITR on line using web site https: This would be tricky as income tax filing is not really generalized and especially if someone is also trading the markets.

I loged in web site https: Its easy way to go for CA, but I dont need audit, I just want to use on line Tax filling facility. Hi Zerodha, What are the tax implications if an NRI residing in income tax free countries like uae, saudi arabia etc opens an account and starts trading in equity derivatives and commodity derivatives.

Is he liable to be taxed other than STT ,CTT,STAMP DUTY,BROKERAGE on the profits he makes.

If he is taxed, what are the rates and slabs. If he is not taxed. Is it a good option to have a friend open an account and repatriate the profits. As an NRI you are not allowed to directly trade on equity and commodity derivatives.

You need to get RBI approvals and do all your trading through a custodial account, which would make sense only if the account size is big. You would still have to pay taxes as what is applicable in India before repatriating. You can see the tax rates in this blog. What all things are true among this? What is Audit exactly? What do I need to give to the CA and roughly how much are the charges? Do the trader has to undergo one more hurdle?! Are these just fear mongers or how much is the truth?

It is not tedious at all for a CA. Last year there have been 10lk notices sent by the income tax department and this will definitely go up. The penalty is 0. It is always best to avoid any such penalty however small the amount, especially in this electronic age. I fully agree with your view point about presenting facts. I prepared my ITR4 this year too. Thankfully before submitting I came across this blog. Thanks also for clarification on Penalty amount.

Although our point of view is same on penalties etc. I will try to find some CA who knows what this is all about and perhaps is willing to go the extra step.

But for the last finacial year you still have time to file until Sept 30th, so go ahead and file your returns for last year and the losses which you show can be net off against profits you make this year.

It is best to meet a CA for this, you will need bank statements, trading ledger books and any other proofs that has income. There is no problem showing the ledgers with 4 brokerage to your CA. Your CA is like your financial doctor, best not to avoid anything. As far as getting the benefit of carry forwarding the losses, you have time only till Sep 30th this year it is extended till oct 31st otherwise you will be letting go of any benefit of carry forwarding the losses for the last financial year.

I have the following questions. Income tax returns have to be filed irrespective of how much income you make, especially when you are trading the markets. If it is less than 2lks, you would not need to pay taxes, but returns have to be filed. In your case, if income is less than 2lks after filing returns you can even get the refund of the TDS deducted.

But books being audited is a very simple process, it is basically a CA certifying it. I wanted to know in layman language that in a year what is the limit of trading, profit, loss to avoid paying income tax.

JK, You pay taxes on all your income and not just on what you earn from trading. If this figure is above Rs 2. Explained in this post. If you are earning more than Rs 2. The conditions are such as traded in recognized Stock exchanges etc. Hence trading in futures is not speculative but business. But I have a doubt that in view of the following provisions CA audit is not required. Clause d of section 44AB, provides that in the case of an assessee carrying on a business of the nature specified in sections 44AD, tax audit will be required, if he claims his income to be lower than the presumptive income deemed under the said section and income exceeds the maximum amount not chargeable to income-tax i.

Whether both are one and the same. If a house hold lady trading in futures and no other income but only overall loss during the year, I think is covered under above provision where tax audit is not required.

This may be confirmed. If the housewife is trading futures, then she is partaking in a kind of business and the same rules apply to her as well.

The idea with how we do our business and the way we have mentioned on the blog is to simplify and avoid any loose ends. The best way to do that would be to have a tax audit even if you have made a loss. For the financial yearif you intend to carry forward the losses, you need to get the audit done and in such cases the last date is 30th Sept Appreciate your help in this regard. ITR 4 is what you will need to use, do check this blog and queries on it, will cover most of your queries.

My husband is a NRI and I am a resident housewife. Can i get fund transferred from my husband NRI account to my Resident SB account, which I can use it for trading? There is no restrictions both in terms of funds being transferred from an NRI to their family members and no restriction on application of funds.

When your husband is transferring funds, it is already taxed in the country where he has earned it. Hi Zerodha, thanks for this wonderful article, helped me a lot in understanding the proper filing of taxes. One question though, it is clear the Speculative Losses in Equities Intraday can be netted off against only speculative profits, so in our backoffice reports, can we have two distinctive sections for seeing Speculative trades and Delivery Based trades separately.

Right now, when I see the PnL Report of my Equity section, I see Delivery based PnL, Speculative PnL, but the brokerage and charges for both are combined. Isnt it essential to see the charges for both sections separately to file them under income tax properly? I have started to invest only in equity from this month,I started with RS 10, n traded in intra-day n lost I am a PSU employee. I want to gift money to my wife housewifeson student, age: If yes, upto what limit it is tax-free and what is rate of tax beyond that.

Hi Zerodha I have three queries. But I am not clear what does it mean:. But even then one will have to fill ITR4. Speak to your CA about it. But as I mentioned earlier, if the books can be kept separate by your CA. It is not an ideal practice though. The demat account can still be a joint account with your father and mother. All the equity holdings in his account were for over 1 year.

Now when I have received those holdings in my account on 15 Nov The current market value on 15 Nov is about 5 lakh?. Had my father sold the shares before his death, it would have been LTCG as all holdings are very old more than 7 years. The holding period of your father will also be considered, so it will continue to be under LTCG for you. It depends on how you declare your trading activity as, if you declare it as a business i.

I have one question regarding Advance Tax, is it compalsary to deposite advance tax for speculative trading also?? Alok, as long as you are trading actively, which would mean as a business, advance tax has to be paid. Am planning to get a personal loan and the entire fund would be utilised for stock market investment purpose. So as long as your activity in the market is investing, you can consider yourself the same for calculating taxes. Thank you for the great effort in this crucial direction where most of the cases are of ignorance and pain in the later stages, Well please advise if there is a TDS facility which can deduct at source on each and every trade or an advise in these lines as we can be clear from start and have no hassles of an IT personnel blocking your growth.

To be precise I am gonna be into currency trade, ideally intending a high volume with low margin. I want to file my tax and my tax consultant wants me to give him a report with all the trades with buy price and sell price inclusive of brokerage and tax i.

Similarly Sell Price i. Sell Price-Brokerage and taxes. The reports in Zerodha backoffice mention total brokerage and taxes for a day or a given period. They dont mention brokerage and taxes for Individual trades.

I dont know how to file taxes for stock market returns. Since my consultant is asking for individual break up of trades with brokerage and tax ,I would like to know whether it is possible to get the details that I want. There are 2 ways to file your return, one of the way is how your consultant has mentioned. If your consultant insists, then you would have to manually calculate this. Gross profit is 1crore, you remove all expenses, and then on the net you pay according to the slabs mentioned in the post.

Many discussions on this post. When do we need to get the books audited from CA? You need audit in 2 cases: Turnover more than 1crore 2. Assuming that I have a particular stock of quantity for over two years and then I buy additional quantities 50 of the same stock which are less than a year. Soon I decide to sell units of the that I hold. Will the sale consider the units being sold as those being held for over a period of one year or should the whole of quantity be held over 1 year to avail long term investment related tax benefit?

You need to follow FIFO First in First out method, so when you sell that shares you have to consider it sold from your long term holdings. So yeah on the new purchase you will have to hold for a year to get the long term benefit.

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Hi Nitin If I do only intraday in cash segment and sometimes in delivery. How to calculate turnover. For Delivery if you have to go by the book definition then it is sell value of the stock which is Rs Rs x So the total turnover is Rs. So we have go for audit of accounts. Intraday is considered speculative business, so your turnover is Rs and profit Rsso you will not need an audit.

Even if you declare yourself as a trader, and if you can keep the books separate, you can show investing and trading activity separately. Speak to a good CA about this. And supposing that these two positions were closed on for Rs.

For Buy Qty: By accounting these transactions in the aforesaid manner, I think that certain excess profit is shown for the year and correspondingly excess loss shown for the year I hope the manner of accounting as stated above is incorrect. I request you to enlighten me how to correctly account the above transactions. So now assume on 2nd April you have bought another one lot atnow your average buy value is for 2 lots.

Thanks for your reply. Still I am having confusion. As the positions as on 31 st March that are not closed would be carried forward next year and profit or loss would be realised in the subsequent year. But yeah, you could also consider such open positions for next year whenever you exit them.

I do only BTST, and I think it comes under the Short term capital gain. What if I re invest all the money earned from BTST in the same financial year. If you have made a profit and even if you are reinvest, you have to pay taxes for the realized gains.

Is there any combined P n L statement for NSE, BSE and Futures n options? Can you check out our new backoffice Qyou can use it on any browser you want. We are adding a Tax PNL statement here by tomorrow, all exchanges combined. Total loss is First thanks for response. That means in futures 1. I got one scrip 10K profit and other scrip was 9K loss.

Which one is correct. Could you have any sample ITR -4? I trade FNO with you. Total Trade turnover as per back office is about 17 lacs. I have a loss of about 15K after factoring in brokerages etc. Sunil, Do check out our new reporting tool Qit is in beta will be live in the next 2 days. Hi Nitin, In the reports for option trading, could you please provide with information like strike price and premium paid for each trade.

Hi can you please tell me what shd I fill in the nature of business in ITR 4s. I am a salaried person doing Future and option trading. Do I have to file the returns compulsorily before 31st July to carry forward losses or time is there upto 30th Sep ? Becoz Audit is required if Turnover is more than 1 Crore or we incurred losses, what is the last date for filing?

HI, I trade mainly in futures and options. Sometimes I have closed my positions on the same day either due to Stop Loss or may be for a small profit anticipating trend changes. Do I need to consider them as speculative trades or do speculation trade apply only texas instruments stock price chart Intraday cash trades.

Only intraday equity trading is considered speculative. Thanks for your quick reply. While filling out my ITR 4 form I had few doubts. Hope you could clear it for me. I may be wrong. Also in schedule BP Computation of Income from business or profession. Do I need to mention capital gains here as I am already mentioning Capital Gains separately under section CG.

Here it is not accepting negative values and I have a loss this year. Finally in Schedule CG,part A Short Term Capital Gainsection 3a. If so do we consider value of sale after deducting brokerage and taxes. Does this refer to total buy amount in the year and if so do we include brokerage amount here or do we show brokerage and taxes separately.

Cost of improvement without indexation: Can I Include cost of training as I had joined a paid newsletter which provided me with a daily review of stock market. What is this field for. Should I kurs chf forex onet mentioning my total brokerage and taxes STT, stamp duty etc here.

I know I have asked a lot of questions in one post. Hope you answer quickly as always and thanks in advance. Balance sheet is required only if audit is required for everyone, including traders. IF no audit, it is not mandatory. Also futures and options have to be shown in the other business head, not under capital gain.

Yes this indicates full value of shares sold, you have an option either to show after deduction or before. Yes total buy value of shares, again you have an option of showing with or without.

Ideally this training cost, you should include in your business expenses and not here. Thanks again for the quick reply.

A few more queries. Also can I or not carry forward loss from futures trading as Capital loss for the next year. In which schedule do I have to mention Futures as Business Income in ITR4. No, futures are considered as business income 2. If you have capital loss from previous year, you can adjust it with walter s forex trend traders gain this year and not against business gains futures profitand vice versa.

Business and profession schedule. The business profit and loss that I show here can I club currency uae dirham to usd with other businesses as I am going to start an online business soon.

Will I be able to set off my loss in trading with the profit in that business and vice versa. In ITR 4 there is a schedule CFL Losses to be carried forward. By default when 60 second binary options demo bywater fetched the details from my PAN my past losses were shown in the section short term capital loss. Should I edit and instead change it to business loss.

Or Should I file my return and then file correction return for last year and this year. I did not find it. Is this what you were referring to. One is where they ask all the details like sales,duties,other income,stocks etc. What is Gross Receipt: Is it total sale value of Futures for the year or is it Total Sale-Total Buy value. Again Thanks for starting this blog. Ideally you should rectify your previous year returns first.

If audit is required then, you need to maintain the book of accounts. Gross receipt is total sell value, Gross purchases is total buy value. I futures broker jobs london net loss of 1. My turnover based on total of profit or loss per scrip method would only amount to approx Rs. After entering My Gross receipts when I tried to save an money exchange rate south african rand was generated stating I had to tick Audit required section due to my High turnover.

I think that the tax utility was taking gross receipts as my turnover. I am beginning to think we have to enter the turnover for Gross receipts. Can you clarify as you previously mentioned that Gross Receipts meant Total Sales had to be entered. I was trying to say you can enter gross profits under sales and gross losses under Receipts. I forgot to ask one more thing. I had filed one correction return last year itself. Can I file correction return for previous assessment year one more time?

But you cannot revise in case any income tax order is passed on that. Nopes, not required unless speculation in stock market apush you get a scrutiny and the Income tax officer asks for it, which is very slim chances. I want to thank you one more time. Great Service at Great Price. Hi Nithin, Firstly thanks for this wonderful initiative by Zerodha.

Withouth which I would have ended up filing a different ITR. One thing what I donot understand is why people are not informed well in advance by the Govt about tax implications like audit and business income due to trading in Intra and Derivate segments. Anyway my question is I have done trading in Intraday and delivery. My turnover in intraday is 4 lakhs but is in 1 hour binary options trading system striker9 download of 60k.

Entry level stockbroker new york, I am salaried and I understand I need to get tax audit done since my salary is around 6 lakhs.

So for audit I need to maintain book of accounts. Or do i have to maintain any other physical books. Here is a quick question about FNO loss. Is it mandatory to report this turnkey websites that make money the return? In my case, FNO loss is forex trading signals tutorial. I am fine if I end up paying a little more taxes than furnishing ITR4 and showing income and getting the audit done by a CA.

By law you have to show your losses, otherwise there is a risk of this coming back and ITO asking the reason why it was not shown, the penalty at that time would be based on your turnover. Yes Sept 30th is the last day. Hi Nithin, My simple question to you is what has to be the Purchase Amount and the Sell Amount in ITR 4.

Should the Purchase Amount be Total LOSS Trade value and Sell Amount be Total PROFIT Trades value. Nithin, I consulted a friend CA who also is a partner of trading firm in FO and as per him for the turnover purpose only net of difference of profit and loss trades have to be considered and that too on the basis of EACH trade by FIFO method and not on the basis of contract wise total for that particular contract. For this purpose he has a software to generate this report as none of the brokers give this report as per him.

Also he mentioned that the sell value of Options in the turnover is only for naked sell options which are NOT squared off by the trader and are settled by the exchange on expiry either in profit or loss.

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For all other forex trading 1468 trades which are squared off by the trader only the difference for profit and loss just like in Futures have to be taken.

But forex brokers with low minimum deposit also said that for retail traders adherence to all such things may not matter as long as correct profit or loss is shown and tax thereon paid, if any.

I am confused now. Best way to avoid this confusion is to file an ITR 4 and get yourself audited in any case. If tomorrow the ITO decides your turnover is 1 crore, that is when the problem arises.

I follow you regularly, thanks for those efforts which you make to keep us updated and making every investor informed. A forex trend power indicator who only trades in NIFTY Options and invest in about 4 Lacs every day and sells them every day no carry over to next day.

Sitel work at home number He makes a profit of 50K every day and trading for days in a year he will make a GROSS profit of 1. The trader is also a regular service personnel working for a Pvt. I wanted to know the following:.

Whether The trader need to get his books audited, or the trader can simply show this a short term Capital gain and can add this income to his salary income and pays the income tax and not consider this as business. Does this trader needs to register under proprietorship firm is it mandatory or the trader can still be working with his company and can trade and its ok to do that with this kind of profits.

The good thing with ITR 4 is that you can consider all those costs bric stock market index funds you incurred toward trading, like internet, mobile bill, subscription, depreciation of computer and etc as expenses.

Check this for turnover. I have one simple Question. I have turnover less than 1 crore. I had net loss 2 lakhs. Can I claim the loss by getting Tax Audit? What is the deadline to how to get money faster in adventure capitalist ITR so that I could carry the losses forward. So not possible with your and losses.

But if you had declared those losses then, yeah definitely. Yes even trading in options is considered as a business, so you can claim your expenses. But they send B because of not submit audit report. If you have gotten a notice, you can rectify and explain to the assessing officer.

I stay in London and aim to trade Futures contract. I hope you are able to advise with the following queries. How long would it take to get an account set up for an NRI at Zerodha. Please note I do not have Non Repatriable PIS Account yet. More than happy to open an account with whom Zerodha is linkedup. I understand I will have to open Non Repatriable PIS Account.

As an NRI can i buy and sell futures contract on the same day? My brother stays in India — Can I transfer 2 lacs to him to enable him to trade?. This will probably be the best way, CP code make sense if your account size is atleast 25 to 50lks.

Your brother can give his 6 months bank statement, and if there are credits on it, can be considered as an income. Good to know my brother can get started and I guess I cannot trade on his behalf from London. My account size will be in early single digit lacs. HI ZERODHA, please give me tax implications for profit made from swing trading i.

If you have sold stocks without taking delivery, it has to be considered specualtive like intraday equity trading. I am very much new to trading. I normally do intra day and short term weeks trading. I have a question: Intraday trading is considered speculative and hence considered as a business.

Taxation for intraday trading works like this, add the intraday profits with all your other income and then pay tax according to the tax slab. When I was in India, I used to trade in one FNO trading account.

Since last 3 months I am resident of foreign country now with valid work visaI again started my trading with same online FNO trading account sitting abroad. I have funded my this FNO account with my ordinary resident account from other Indian bank. Is it ok to trade like this? I am not using my NRE fund for trading. I have a Demat account with the shares purchased 2 years back.

What if I sell them and again buy other shares with same amount without transferring new fund in account.? Ideally you should not use that normal trading account any more. You will have to convert this into a NRI trading account. Yes, you can and this is also exempt from long term capital gain.

Check this link which explains how an NRI can get started and documents required. Dear Nithin, Thanks a lot for your guidance. Well understood you point. How should I rectify my mistake which I did by trading in my trader doptions binaires salaire account for FY ?

I traded equity intraday for 5 days now and realized i carnt file income taxes. I stopped trading intraday and have only holdings delivery equity which i plan to keep for over a year. So now do i need to file an income tax for the 5 days or do i just ignore it. Moreover trading strategies involving options and futures i need to file any income tax reports even for the delivery stocks or i just modelling australian stock market volatility a multivariate garch approach in mind i dont need to pay taxes for long term holding and ignore mentioning its presence anywhere.

You need file income tax in India if you are earning any income, rental, trading, bank interest, or anything else. If there is no income, then no need to file. When you file for your returns, make sure to declare your stock holdings. Hi, I was working for a Startup which was in the process of registration in India last year.

Because of this, I was paid by its US parent company directly from US via Foreign remittance last year for 6 months and then I was paid Indian salary regularly. Now, I have following queries. Consultancy Services how to raise private money real estate investing Professional -others?

Hmm, can you look at the form 16 you alfred nobel how did he make money received from your employer and see if the first 6 months income received from US is shown on that? If it is not, I guess you can show that as professional income. But do trading system for scalper binary options a CA.

If you are showing this as a professional income, then yes it can be offset with trading losses. I have request at back office can you start tax assistance or It return dept for zerodha clients since many including me do not know how to show profit loss or barrowed money for trading could be adjusted in it filing return since you people have all the knowledge.

If yes, then it is 52lks profit, first 2. Hi, I have a few doubts about taxation and stuff. My friends and family have invested in me.

I day-trade and give returns accordingly. Now that this has become my primary source of income, I would like to start a fund so that many can invest. What is the legal procedure to start sucha firm? There are two reasons: I remember reading this statement in the 60day challenge page: Zerodha has always been customer supportive in all aspects.

Get a PMS license, with a PMS license you cannot do intraday trades though. Also Minimum investment per individual is Rs 25lks. AIF dynamics of forex trading pdf download investment fundbasically a hedge fund, this requires you to have minimum of 20 crores worth asset under management.

Minimum Rs 2 crores per individual. My guess is that, the above might be a little steep as per your requirement. One of those things that you can do, which is kind of a grey area is to create a limited liability partnerships. Each of the partner invests money into the LLP, and he gets a shareholding based on this. But do speak to a CA before taking any steps. I have plenty of doubts to ask to a ca about starting such funds and stuff.

But all the CAs I contacted, said that they knew only accounting and auditing and are not able to give me any answers regarding starting such funds. Any idea how to get a CA who knows all ins and outs in stock markets and deals with business that involves pooling money to trade? I guess you have to meet smaller firms, and tell them that you get ya money august alsina lyrics fab looking at starting an LLP with partners who will invest into the business.

You can start there, and then the business could be anything trading also. Actually I am salaried person with a small firm. My wage is below the income slab. I did not file the ITR till now. I did not get any profit from the trading actually I loose some what. Can I have to file the ITR for this even I did not gain? Is there anything needed beyond broker given like- ledger,trading list, monthly summary,expiry summary,contract notes,bill etc pls inform me.

Ram, depends on which department. Hello Nithin Sir, Thanks for repying earlier queries. May I take opportunity to ask answers for various cases with respect to 44AD. It will be highly appreciated if you can confirm and correct my understanding as it will not be useful only for me but all others. Turnover is k and loss is 20k.

He is free not to file return. So trader has to file return and pay taxes. Is audit compulsory in this case? Check this income live rate of us dollar vs indian rupee calculator.

The business of trading has to be kept separate. You will need an audit in this case. I am confused about case If the assessee does so, i. Sir, in case number 3, total income is less than k. I answered thinking about the old tax slabs from 2lks onwards.

Then I pledge those shares and do FNO trading. Will the gains be tax free? I am actively trading in FNO through her account…. I do arbitrage trading in my account. Again I pledge the holdings and I penipuan di forex FNO trading on margin I get after pledging. Now what happens if I hold on do equity part of Arbitrage for more than year? Will gain on that part be tax free? Arbitrage funds in market based on same principle are tax free if holding period is more than 1 year.

But you can still speak to your CA and trying to keep the investing and trading book separate so that all your long term holdings are tax free. First of all thanks for this wonderful initiative which is proving to very helpful particularly to retail traders! I have received SMSs as well as emails from Income Tax department to file ITR for AY When I logged in departments website I saw information summary CIB,STT,02,03,04,05 mentioned in my case.

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So my total income as well as turnover is less salary of stock traders Rs. Do I need to file ITR? Yes, you need to file. No everyone is bound to file ITR. Exchanges have started sharing trading data with ITR, hence a lot of such notices this year.

Since your total income is less than taxable income, no need of audit. A further clarification please do I need to file ITR even if total income from all sources is less taxable income i. Yes you need to file ITR even if below 2lks. Specimen ITR4 is not really available online, these forms keep changing every other year. Sir, I am a new trader and have never filled ITR before.

No deposit bonus to binary options on forex alpha 2016 total income from all the sources is less than Rs. I request you to guide me whether I need to file ITR?

If yes than Do I need any auditing? Which ITR form should I fill and do I need to submit any supporting documents? And aston forex web trader is the last date to fill ITR for me?

I think I asked lots of questions but being a new one I request you to Please Help. Kumar, you need to use ITR4. There is no need of an audit as your income is less than Rs 2lks. Most things are already answered on this post. I wish to to clarify my doubts with regard to tax. Imagine I am a fno trader total income from trading and salary is 4. My tax will be Have paid for lic. My question is 1. What will be my tax. If I have brought a mobile of can it be shown as business expenses.

If it can be I hope it is 4. What are other expenses usually shown. Since you 18k saved on LIC, so tax will be around Rs 18k.

Yes, if you are using mobile for trading it could be used. Any expenses that you incur towards trading. And yes, if you had read this postall your questions are already answered there. You can show this gain under Capital gains head on ITR2. I am a proud customer of Zerodha since and your are doing a great job in updating the backoffice portal! 20 sma forex strategy have the following questions regarding my tax filing.

Kindly clarify how I can proceed. I am working in US since December Hence my tax filing status is NRI as per days rule. As per Zerodha, below is my profit and turnover details for FY All my trading is in equity space and I did not do any futures and options trading. Do I need to file ITR2? As an NRI, you are not allowed to trade intraday. Unless you update the details with us, and setup your NRI account details herefor us you will continue to be a local resident account.

Since you have done some intraday trading you will need to use ITR4 to show this. If it was only short term equity, you could have just used ITR2. You can show your short term under capital gains.

So only your intraday equity trading will be considered as a business. If you declare your short term trading as a business, then you would have to add it to your other income and pay according to the slabs.

You could have used ITR2 if there was no intraday equity trade. Thank you so much Nithin! I was unaware of this and did lot of trading with the local resident account last FY. Will there be any issues while filing the tax return. Or I have to do it manually?

So that means my long term income call of duty black ops multiplayer edit game options be taxed? Any way to get out of this? Nitin, you can show your trading and investment portfolio separately. So you can show investments under LTCG and trading under business income on ITR4.

But to do this, keep your books completely separate for investments and trading. Yes, if you have stopped trading, you can move back to being just an investor, and use ITR2. But I think it is advisable to best not to trading system for scalper binary options switching between ITR 2 and ITR 4 once or twice is free forex training toronto. In my demat account I have around 3 lakh as cash and with that money I will be placing the intraday cash and FnO orders.

What will be the income tax slab if i make the profit in my demat Please note: I will not be taking any equity shares on delivery, but FnO will be taken for delivery till expiry. How to show the 5 lakh borrowed from my friend?. Should the form 16 given by my company be filed first then I have to show the demat transactions statement to be filed??

Or should i submit company form 16 and demat transactions be filled together to incometax. Please let me know the ITR return sections for salaried who are trading in Demat. Murali, Suggest you to read this post: You are supposed to file your Income tax returns using ITR4. But since you show your trading as a business, you can also show all the related expenses.

All your queries will be answered on the other post I have mentioned above. Do i need to fill ITR2 or ITR4? Do i show the trading as my business or as other income? Show your delivery trading under capital gains.

Show intraday as speculative business. For capital gains, selling value of the stock is the turnover. But since you are showing this as capital gain and not business, turnover is not required to be mentioned. You have to show turnover of you business income only.

Thanx nithin for quick reply. So i have to mention that. Losses on derivatives trading. Now, the CA i met in Pune — says since you are just a retail trader, file taxes as per ITR2 and you can carry forward the losses to next financial year. No need for ITR IV. I told him that i have done ONLY Derivatives trading and NO equity trading no demat as well ; despite this, he insist on using ITR 2. Very surprising that your CA said this. From assessment year AY financial yeartransactions in derivatives are not considered as speculative transaction — Section 43 5 of Income Tax IT Act, Many thanks Nitin for the prompt reply.

I was working on my taxation for FY Has it been removed from there? It is better you follow the one on Q, it is detailed, but more precise in terms of taxation.

If i sell option and collect premium in a particular month and square off in the next month. There is no TDS deduction while trading.

At the end of every financial year, you have to file your returns and declare your profit and losses. I have to file return at the end of the financial year showing the loss and get the refund. Can i know whether really income tax act mentiones so. Please clarify and i need to speak to the bank and get the refund immediately for wrong deduction of the tds.

There is no way the bank can cut TDS on that 30, I see that my broker is applying the 0. Both the methods are correct. The easiest way to calculate speculative and non speculative is based on STT this also acts as a proof if there is an ITO scrutiny. Yes STT record is a better way, that is how we do it on Q at Zerodha.

I guess you are not trading with us. If sohow to download all the details in zerodha trader? Please clarify me thanks, nagesh. Nagesh, I doubt if banks will accept your trading details. I have some doubt regarding last date for filing tax and form which is applicable for me. I am a salaried person. I traded only in equities in last FY — All Intraday, Short Term and Long Term. Can I file as investor?

If I need to file as trader, would I need CA audit? But in that total turnover for futures and options is shown as Rs 91 Lakhs for FY Sum of futures and options turnover is the total turnover.

There are two turnover statements we have, Check this postexplained here. Total turnover is less than 25 lakh so is it required to do CA audit or not? Check this module on detailed explanation: Dear Nithin, My email is going to be long. I request ypu to be patient. How do I calculate FO turnover? If I have understood correctly the net payment and receipts have to added up. One day I incurr a loss of Rs and on another day I incur a profit of Rs, is my turnover is or If I have understood correctly my turnover is During I have incurred a FO loss of about Rs 5 lacs, which is the turnover for that year.

How can show a negative turnover in ITR4? Is it possible to talk with you? Different ways to calculate turnover. Check chapter 6 in this module: In your example, the turnover would be Rs 1. Absolute sum of all profits and losses. Profits and losses could be scripwise or tradewise.

Explained in the module. Turnover can never be negative. Do read up the module, explained in detail. If any queries, do post it on Varsity itself. In your Intraday margin exposure calculations, the exposure for commodities is only 2 times calculated. Here can it be allowed 3 times intraday as you mentioned in Margin FAQs up to 3 times for NSE futures. Check this for commodities https: If you trade for intraday it is 2.

I have mapped my existing demate account with zerodha trading account. I did some intraday transaction for a few days only. After which I came to know by reading some online posts that there are two categories investor and trader.

Now I already had a few scripts in my demate account which I kept as investment, and some Scripts I bought from zerodha trading account for long term. But at the same time now as I have done some intraday, How would I get taxes? As per a talk with one of my CA Friend, It seems If I want to invest as well as trade same time, I need to have two different demate account, hence for one account transaction I will be taxed as trader and for other as investor hence getting tax exemptipon as well for LTCG.

Can you please tell something aboutas it is not clear to me. My login id is ds Can u check and let me know if I have to get my books audited and also last date for filing returns. Also would be helpful if you could suggest some ca who would audit my account statements online.

Sharath, you will have to do this on your own. You can check this module: Also, it is best to find a CA where you are located. Hi Nithin, As I mentioned in above post, I am still not clear if i need to maintain two different demate accounts? I read the module and also found below line from circular. In the case of Commissioner of Income Tax CentralCalcutta Vs Associated Industrial Development Company P Ltd 82 ITRthe Supreme Court observed that:. Or the time will be counted with the latest purchase of same script, which might be an intraday only.

But like you already probably know, this is a grey area. If you are trading delivery based trades very actively and trading is your primary source of revenue, best to declare even equity delivery based trading as non-speculative business income.

Hi Nithin, Thanks for clearing it. I would like to add I am doing a job and equity is not my primary source. I also have not done more delivery based transaction. I only did intraday of some of the same company shares which i also have in my demate.

Jay, you have to declare intraday as speculative business. But the way you have described your activity, I think you should declare all equity delivery as capital gains. Should i Use ITR 4 to file taxshould my transaction need to be verified by CA before filing tax? Lokesh, check this module: Yes you will need an ITR4, and yes you will most likely need it to be audited. The above module will give all details. Urgent I received a Show cause notice with some STT reference of my trading.

That too from agriculture. IT dept is sending out automated notices to people who have traded but not filed returns. If you have made net loss for that year, I guess you can meet the ITO and explain him that.

Best to do it through a CA. Appreciate all the effort you are incurring in clarifying the doubts of traders with so much clarity and detail. I too have a query, request your 2 minutes of time. My doubt is what is the total income, is it only business income or we should include salary also. So profit is 66 Sandy, check this out: Yes, if there is no tax liability less than 2.

Audit required in your case. Dear Sir, How I know the STT, brokerage and other expenses in intraday, STCG and LTCG separetly in Q. If you want to know the current holdings time period, go to the holdings page on Q.

But I need to know the separate total charges for intra-day, STCG and LTCG respectively. Dilip, currently the charges come combined. We are working on showing them separately. It will take longer.

Check out the turnover chapter in this module: File income tax in the name of your father itself. So the net gain for the year will be 4. My question is related to DIGITAL SIGNATURE. I need to get audit done and file my ITR.

As this time govt has made DSC mandatory I am bit worried as to how to share this with a CA. Since i am not even in the country i cant personally br there infront of CA to confirm how he uses it. So, Is it OK to share the DSC with CA or anything else that I need to be aware of. I have no idea about DSC as to how it works except that it is admissible in court of law which freaks me out a bit what if a CA misuses it.

Look forward to your reply. If you are not sure, best to have a legal representative of yours in India who can go sign using your digital signature and get it back. All Trading Expenses Brokerages,STT,Transaction charges etc. Now this Amount is considered in Turnover. So i have to include Trading Expenses also for turnover? Hope you have understood my Query.

Turnover is just to determine if you need an audit or not. Yeah, it will make sense to include trading expense also in your tunrover. I have no income as such though I had 2 FDs during the year for which income tax was already paid by bank itself before giving me interest for that year. I also have a loss trading FnO. Now my turn over is less than 1 crore and loss is around 1 lakh. Which form should I fill in for fillling IT return?

ITR-1 or ITR-4 or ITR-4s? My total income is less than 1 lac, should i really file ITR? Not mandatory, but since u have received an intimation, it is best done. No, since total income less than 2. U have to declare your income and pay tax accordingly. How the Profit made in Buy today and sell tomorrow trade treated?

If its too few in the FY, then it could be considered as Short term, else speculative. Is any documentation required? Yes you can deduct advisory charges. Just make sure you keep the invoices handy in case required.

Good day, I have not filed my return for the last financial year yet. I have incurred losses from derivative trading during that time. Other than trading ,agricultural income is my only source of income. My trading turnover was less than 1 crore as per zerodha statement and with losses. So i presume that i have to get the books audited. But i have also read in your article thateven though the turnover is less than 1 crore with out any profitone NEED NOT get the audit doneif the total income is not taxable.

Since the due date for filing the return is overi understand that i cannot carry forward the losses. So is it legally mandatory that i have to file the return? My auditor has not dealed with any cases of trading yetso he may not be aware of all the loopholes ,hence i would appreciate if you could help me out. If there is no net tax to be paid your total income less than 2.

Thank you for your reply. But is it legally mandatory to file the return in this case Turnover less than 1 crore with no taxable income from any of the sources? I understand that your advise is to file the audited return and i might get a notice from the tax department in the coming months for non filing of a tax return. Thank you in advance for your sincere efforts. Legally, if there is no tax to be paid there is no need to. The chances of getting a notice is quite high, so best to file it.

I am a regular tax payer, i have a items which was purchased before 1 yearNow if i trade regularly in one item frequentlythe gain or loss from that item would we business income, or my whole income treated as business income, if i should file business return.

Prakash, Can you go through this: I have received a letter from income tax dept. As i am a house wife hence i do trading on few occassions also my tax audit limit is also not exceding the limit, thus there is no other source of income for me which would require me to file my ITR further I had incurred a loss of about in that FY. You will pay tax only on Rs which is profit. You pay tax only if your total income for the year is more than 2. I am a student of bcom 3rd year.

I am a customer with zerodha since last 5 months and I am satisfied with services provided by u. I mainly do intraday trading. Yeah advance tax required, check this module explains all about taxation while trading: Dear Nithin, i have got few losses and i think i need to do get tax audit done considering the turnover conditions.

I am student with pancard i have no source of income but i do participate in trade few times make profits sometimes but its less than 30, a year.

Sir, I Am a salary employee My salary is 5 lac Yearly. I have some question 1. If have profit in intraday trade. This profit show as other income or business income in which ITR FORM ITR 1 OR ITR 4 TAX SLAB FOR THIS PROFIT. IF I HAVE PROFIT IN SHORT TERM DELIVERY TRADE SELL SHARE WITHIN ONE YEAR.

Everything you need to know about taxation is on this module. By doing this if you are evading taxes which you areit is best not to do it. Use ITR4 and pay taxes as per the slab you are on.

Thanks sir but presumptive taxation scheme sec 44 ad for businesses who do not want burden of maintaining books of accounts. Please clear sir this confusion. Yes, since there is only non-speculative business, technically you can file using ITR4S. The issue here though is, if you are saving on a lot of taxes by taking this route, it can come back to you in the future. I have no Trade name or business name I trade individualy, but in itr 4s, ask trade name, my question is what I fill in this column.

What will be the consequences for not filing the ITR4 return if there have been recorded and provable losses? Can I file the returns for the previous years now? What will be the effect? Can the earlier losses since FY be carried forward if I file the returns now?

No notice or communication from the IT dept. I hope Kamath sir will see this query and reply. Suggest you to go through this module: Thank you very much. Actually I gave the last two years info to the CA but he could not file it. I will from this year onwards. I need one help on tax calculation. While doing tax calculation will the tax be considered based on my demat account or my PAN number? So how will the transaction be considered here for tax?

Do I need to group these transactions together and then calculate tax or do i need to calculate tax separately due to different demat accounts? Please provide your valuable inputs. I am planning to trade forex currency trading with US dollars. I am an Indian citizen. Satya, unfortunately trading forex outside Indian stock exchanges is illegal in India. If you are talking about trading on Indian exchanges, refer this module on taxation. You will have to pay taxes based on the income tax slab you are on.

I need some clarification on carrying forward losses for various assessment years. I had incurred equity delivery losses in RsRsRs which I was filing in ITR2 under the respective assessment year. InI made a profit of Rs and the losses of were fully offset while were partially offset.

Now, the remaining losses — Rs— Rs is Rs 20, This is the total carry forward loss for AY Should I be filling in the rows for AY RsAY Rs ? OR the total carry forward losses in one row AY Rs 20,? Stamp duty is based on the state you are from.

Check the detailed charge list for stamp duty here: The link has stamp duty for every state. Telangana it is 0. I have trading losses, and looking for CA and Audit i came across cleartaxdo you suggest using cleartax for tax filing has anyone used their services. How to calculate option turnover which one is right way to calculate for itr filing…… A.

Do i need to audit if my turnover cross 2 crore and i have loss in total and my total income by other sources with trading loss donot cross taxable income. But most people follow c. It is upto you. As long as you are not evading taxes, it should be okay.

Can i take a personal loan and trade in commodities. I am a PSU employer with mote than 10 lakh annual income. Or can i give that monry to my husband and he trade with that money. Sonali, there is no law that blocks you from doing this. Make sure to find out from your employer if they are okay. I work as a consultant and receives Rs. I do delivery based share trading for which I have Rs.

I use their platform for trading. The volume of trading crossed Rs 5 crore in a year. I made only losses. What ITR form I need to use 2. Do I need to carry out TAX audit. Suggest you to go through: My trading has been quite active — once a day or one time in two days. There are two more things. Since I am a consultant I have shown in my ITR expenses for driver, telephone and some misc expenses. If you have done it like a business, best to use ITR4.

No easy answer to this. If I start trading now, will I have to pay income tax? Adarsh, if your income is more than Rs 2. Thank you so much, Sir. Really appreciate your speedy response. Please continue your support when I start trading via Zerodha. I may start in a week or two semester exams are going on! I have opened a demat and trading account jointly with my wife with her name as the first holder. I get all the contract notes in her name and against her PAN number.

The bank account linked to the trading account is also a joint account. I understood from your previous answers that this profit is a business income. So best to show this income in her name.

Hi, Would you please clear my following question? Please clarify my this question. Quoting from the blog: Further previous FY Short Term Loss carried forward is Rs.

Open an Account Updates-Latest at Zerodha Pi Beta Updates Why Zerodha? Zerodha Associate Program Zerodha in News — Headlines Zerodha in News — Quotes. Taxation for Traders — Introduction comments. PopularTaxation for Traders. June 13, at 8: June 13, at May 19, at 5: May 19, at 8: June 17, at 8: June 17, at 9: June 17, at November 10, at 5: November 12, at 1: June 27, at June 28, at April 1, at 6: April 1, at 9: April 2, at 5: April 5, at 1: April 5, at April 6, at June 20, at 9: June 21, at June 22, at 4: June 24, at 4: July 26, at July 26, at 6: Manas Ranjan Panda says: February 10, at 6: February 10, at 7: June 24, at 5: July 29, at 6: June 24, at 1: April 20, at 9: April 21, at June 24, at 3: June 25, at 3: June 25, at June 25, at 4: June 30, at 6: July 1, at 3: July 1, at 8: July 1, at 9: July 1, at 5: July 2, at 9: July 2, at 2: July 4, at July 5, at 3: July 5, at 4: July 5, at July 8, at 2: July 9, at 6: July 9, at 9: July 10, at 5: July 10, at July 11, at 7: July 17, at 3: July 17, at 5: July 27, at 9: July 27, at August 17, at 6: August 17, at 7: August 18, at 8: August 18, at October 26, at October 28, at 4: August 29, at June 9, at June 10, at 5: September 4, at 2: September 4, at 4: September 7, at 2: September 8, at 4: September 14, at 6: September 14, at 1: September 21, at 4: September 22, at September 23, at October 13, at 5: October 14, at November 16, at 6: November 17, at 2: November 17, at 9: December 15, at December 15, at 6: December 16, at 4: December 16, at 7: December 17, at December 30, at 3: January 3, at January 7, at January 7, at 2: Selva Mohan V says: January 31, at February 10, at March 8, at 8: March 9, at 1: March 31, at 5: March 31, at 8: April 1, at 8: April 5, at 8: April 5, at 9: May 20, at 3: May 20, at 8: May 21, at May 23, at 5: May 23, at 6: May 23, at 8: May 24, at 1: March 25, at March 25, at 7: March 26, at 8: June 15, at 9: June 16, at 9: June 22, at June 19, at 5: June 19, at June 29, at 8: June 30, at July 7, at 7: July 7, at 9: July 7, at 2: July 8, at 9: July 9, at 1: July 9, at 2: July 16, at 7: July 16, at July 24, at 8: July 24, at 1: July 25, at 6: July 25, at 7: July 25, at 3: July 25, at 8: Varughese K Eappen VKEappen says: July 25, at July 28, at 2: July 28, at 9: July 28, at July 28, at 5: July 29, at July 30, at July 30, at 1: July 30, at 2: July 30, at 3: July 30, at 9: July 30, at 5: