#tax

In the recent Budget 2024, one of the many proposals announced by Finance Minister Nirmala Sitharaman is the removal of the indexation benefit on long-term capital assets. Since real estate properties are big purchase items, these assets would be significantly impacted. The new rules will also be applicable even for purchases made earlier without any […]

1. How is dividend income received from my equity shares and mutual funds taxed? Any dividends you receive from your stock investments and mutual funds are taxable at slab rates and are reported under the head ‘income from other sources’. If your dividend income exceeds ₹5,000, the entity paying you is required to deduct a […]

I have capital gains on the sale of equity shares and mutual funds I bought in 2020. Which ITR form should I choose, and where should I report these gains in the ITR? For listed domestic shares and mutual funds, if the holding period exceeds 12 months, the gains are considered long-term. Since the shares […]

Could I offset my trading loss with the profits I earned on my long-term stocks and mutual funds holdings? What are the set-off rules for trading loss? Let’s first understand how income from different transactions is classified. F&O trading is classified as a non-speculative business, while intraday trading is treated as a speculative business. Further, […]

While reporting my trading income in the ITR-3 form, should I report the trading turnover scrip-wise or trade-wise? Trading turnover can be calculated in two ways, either trade-wise or scrip-wise. To understand the difference, let us take an example: you make the following trades for companies A and B. Company A Trade 1: Profit of […]

India is one of the top countries with the largest diaspora residing in nations like the UAE, the US, and Saudi Arabia. We all have that one friend or a relative living abroad who regularly sends money back to India for family maintenance, investments, medical care, education, and more. Such inward remittance is governed by […]

I have a salary income. I incurred capital gains because I sold some mutual fund units in FY 23-24. I trade once in a while (not a regular trader). I have neither gains nor losses from my trading activity. What ITR form should I use? Individuals with salary and capital gains income are required to […]

Traders, Firstly it is important to understand the difference between Assessment Year(AY) and Financial Year(FY). If someone is saying that he has just filed his returns for AY 2012-13, this means it is for income in the financial year 2011-12(Apr 1st 2011 to March 31st 2012). So technically AY 2012-13 and FY 2011-12 are the […]

“Check out our detailed module on taxation while trading/investing on varsity.” Traders, Taking care of taxation is a critical aspect of the business which every trader needs to plan in advance. As and when the Income Tax (IT) department in India is going completely online, their efficiency of spotting deficiencies, misfiling or wrong filing is […]

Dear Fellow Traders, It is that time of the year when all of us have to sit and plan for our income tax returns. I am sure many of you have an umpteen number of queries when it comes to taxation while trading equity, F&O, Commodities and Currencies. It is important to declare either profits […]

“Check out our detailed module on taxation while trading/investing on varsity.“ Traders, I have been trading personally for a very long time and the tax filing times have always been the most painful part, sitting with a CA and accounting for profits, losses, expenses and others. I was in similar shoes as most of you […]