Comment on Taxation for Traders - Introduction
commented on
10 Jun 2015, 05:44 AM
JK, You pay taxes on all your income and not just on what you earn from trading. So the way it works is, you add all the income you earn along with your trading profit/loss. If this figure is above Rs 2.5lks(changed from 2 to 2.5 – min tax slabs), then you have to pay taxes according to the slab you fall in. Explained in this post.
Check this post to understand the implication of audit if your turnover is less than 8%.
If you are earning more than Rs 2.5lks every year, you have to pay tax irrespective of if you have earned this trading or working in a company.