Comment on Taxation for Traders - Introduction

MURALIDHAR commented on 26 Apr 2015, 02:30 PM


I’m software engineer by profession and my CTC is 8 Lakh.
I’m regular intraday trader in cash and FnO, Many days my transactions crosses more than One Crore.
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.
Now I’m planing to borrow 5 lakh money from my friend as hand loan and will dump the money into my demat account. 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) . I’m planning to return my friends hand loan after making 5 lakh profit in the calender year. 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.


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