Comment on Classifying Your Market Activity

Sibin commented on 06 Apr 2017, 01:18 AM

Hi Nithin,

I have salary of above 7 lacs and I do invest and hold stocks for long term and occasionally do some short term trades also.

As per Zerodha tax P&L breakdown – FY-16/17 from Q backend, for me there is:-

Intra-day / Speculative profit = -50.85
Intra-day / Speculative turnover = 50.85
Short-term profit = -1978.55
Short-term turnover = 27304.20
Long-term profit = -370.50
Long-term turnover = 903.50

No of trades done (Sold during FY 16-17) are:-

Intra day trades = 2
Short term trades = 9
Long term trades = 1

My queries are:-
1. Do I need to pay any tax for this?
2. Which ITR form I have to use for e-filing?
3. Is an auditing required in my case? If yes, can I show profit of 8% of turnover and pay 15% tax on that to avoid tax audit?
4. Is it required to show my stock purchases that are not sold yet in the tax filing time?

Please help me. Thanks in advance.

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