Complete Tax Guide for Share Market Income with Live ITR 2 Filing
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🗒Taxed under Capital Gains
If shares are not treated as stock in trade, then it shall be classified as Capital Assets and to be taxed under the head of “Capital Gains”. However please note intraday transactions shall always be consider as speculative business transactions**. “Capital Gains” means profits or gains arising from transfer of a capital asset
** Transaction for Risk management are not speculative transaction like hedging, forward & derivative contract. Capital Gain from equity share and equity oriented mutual fund have special rates of Income Tax u/s 111A and 112A and doesn’t not taxed at normal slab rates
🗒Taxed under Business Income
Under this type of trading, the share transaction is said to be complete only when there is actual delivery of shares/securities upon the settlement of transaction i.e., in other words, when shares are purchased/ sold on delivery basis, then those shares will be transferred to/from Demat account of the buyers/sellers. The buyer of the share will have to pay the full value of share and the share will become his asset with that either he can trade in his business or hold for investment. As per Section 43(5) of the Income Tax Act, 1961, intra-day trading shall be considered as speculation business transactions and the income therefrom would be either speculation gains or speculation losses. Income from speculation gains is taxed at the normal rates. Accounts of intraday transactions and other transactions are need to maintain separately. Expenses including STT shall be book as expense and normal PGBP provision shall be apply.
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⏰Content of Video
00:00 Intro to Topic
02:31 Classification of correct head of Income
03:40 Point of Taxation in Share Market Transactions
13:59 Rate of Tax under Capital Gain and PGBP
15:16 Taxation on dividend income
16:50 Classification of Share Market Transaction under Capital Gain
21:51 Taxability of Equity Share under head Capital Gains
22:15 Taxability of STCG of Equity Share Sec 111A
24:18 Chapter VI A deduction under Sec 111A
25:32 Rebate of Sec 87A under Sec 111A
35:00 Taxability of LTCG of Equity Share under Sec 112A
35:16 Concept of indexation in capital gains
36:59 No indexation benefit under section 112A
41:45 Classification of Long Term and Short Term capital gains
42:32 Grandfathering Provision for LTCG in equity shares
50:43 Treatment of Basic exemption limit for Capital Gain
52:00 Reporting of share market transaction in ITR
53:33 STT deduction in capital gain
56:23 Taxability of Equity Share under head PGBP
59:24 Delivery Based Share Trading
1:00:26 Intraday Share Trading
1:01:01 Taxability of FnO & Derivative Transactions
1:04:41 Turnover Limit for Tax Audit in Share Trading
1:12:37 Documents for ITR Filing of share market
1:16:26 Income Tax Computation of Share Market
1:17:25 Opting Correct ITR for Share Market Trader
1:27:02 Live ITR 2 Filing for Share Market Transaction
2:07:45 Outro
Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.
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