Stock Markets Exposed
Tax on Stock Trading Turn Overs?
Hi, It will be appreciated if anyone give me a hint on the tax on the stock trading turn overs. i intend to do stock trading. Eg: if my yearly realized turn over is Rs: 10,000/= do i need to pay any tax??. as per the present rule, already the tax excemption is in effect for those annual income is upto Rs: 130,000/=. and already Service Tax and other levies will be taken by the Brokers at the time of trading. Can any one answer my quiries. thnks & rgds
Public Comments
- There is no turnover tax on the Stocks Trading. Turnover tax is only applicable in Sales Tax matters. Stock Trading is Income Tax matter. You need to pay income tax on your Stocks Trading income. This Trading income will be treated as your business income. At the same time you can claim and adjust the transaction tax (paid by you during the shares purchase and sale) in the income tax to be paid by you.
