Comment on Tradetax for income tax returns when trading
commented on
30 Mar 2017, 03:37 AM
Hello Nitin,
Need your advice on taxation.
I do only delivery based trades and sell it when I make a 5 percent profit. Which form I should use for tax filing and I hope I need to pay 15 percent of the profit i make. Am I right.
My second question is that I’m a freelance worker for last 1 year and I don’t have accountable income. I’m paid in crypto currency or cash. I make around 4 to 5 lakhs a year. How am I supposed to pay tax in such case.
My third doubt is that: I’m getting quite interested in stocks market and would like to put more money in to it. For that I would like to borrow money from my friend abroad. Say 10 to 20 lakhs lakhs and he is willing to give me for no interest too and I just need to return it after Max 5 years. So it is not an income but a debt. So am I supposed to pay tax for this money. My friend will transfer money from his account to mine. But I’m confused as it’s big amount and it will be huge loss if I have to pay the 30 percent tax slab for this money. My friend is not an Indian national but known for each other for 5 years. So how can I tackle this situation Bro. Please advice. Should I collect the money on my savings account or shall I open a current account and receive it on current account? Hope u will answer soon and will sort out my confusion.