All the Queries – Income Tax: Already gains from share trading taxed under business profit

Since you already have been trading in the shares market, the resultant income should be offered to tax under the head ‘very huge profits and the gains from business and profession’ in ITR Form 3 for the assessment year. All the Queries – Income Tax: Already gains from share trading taxed under business profit

 

Alternatively, if the turnover from share trading is significantly less than `2 crores, then the income can be offered to the tax on the presumptive basis, at the interest rate of 6% of turnover. In such a case, a significantly simpler form- ITR 4, can be used. The interest income and dividend income shall already have to be disclosed in Schedule OS.

 

Separate disclosure of all the source of income must have to be made in the ITR Form, whether or not you can choose to be governed by the new taxation regime. There are also some of the alternative new tax regimes that always offer six slabs with significantly lower tax interest rates. 

 

Suppose these types of taxpayers forgo the set of exemptions and deductions available under the income tax laws. You can also choose to exercise a perfect beneficial option when filing the return of this income.

 

For all the individuals qualifying as the person resident outside India as per this Foreign Exchange Management Act or any of the persons who already have been permitted by the RBI to maintain the account. You also get the benefits of a gold loan.

 

A non-resident is already required to file this Income Tax Return only if the income from all sources exceeds a very much amount not chargeable to tax. That being such case, you must have to file an ITR and then disclose the payment from the NRE account in Schedule.

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