Pay Less Tax on Trading in a Legal Way
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Correction: Business income for individual taxable as per tax slabs for individual
Yes, thanks for the clarification . I had the same understanding.
And Saketh comes under 30% slab 😅
What is considered as turnover or net taxable income in fno trading? Is it total traded turnover or net profit or loss?
@@ateetbaliga9797 turnover = all your profits + all your losses. Yu can check with your broker also.
do some proper research and make video pls
some one can see video and file without seeing the comment
The taxes charged by SEBI and exchanges has to be restricted only to profit making trades and not for loss incuring trades
This is followed in all western country exchanges.
Regarding IT your suggestions are excellent
Good info. After watching this presentation, I have the following query. Pl clarify the same.
1) Whether the brokerage, other charges and taxes levied for F & O trades can be treated as expenses.
2) In totality, if we get losses in F & O trades during the financial year, can it set off against other incomes such as interest income, rental income etc. or can be forwarded to next year (if it cannot be adjusted or taken off against other income)
Requested to clarify with relevant sections. So that, it will be complete.
1. Yes these can be claimed as expenses
2. No, you can only carry forward
Business Income under Individual is taxed as per slab. And not flat 30%.
Flat 30% is for partnership.
TRUE
Yes. I have clarified it in the pinned comments
Dude
This is a clear misdirection
Please upload another video correcting this
Otherwise you're just misdirecting viewers who'd think to pay 30% taxes on individual trading
Thanks man. You are my share market guru.😅😅Keep posting nice content, and I appreciate your knowledge sharing and effort.
Thanks a ton
Thanks for the information. I have below few queries:
1) Do I need to get any audit done for the expenses and assets cost to be added?
2) As you mentioned about advance tax, is it applicable for loss making trader to show the loss?
3) What are the limits on Expenses, and on the Assets?
Presumptive taxation for F&O trading is a grey area right now.
Reason:
The method of calculation turnover prescribed by tax law is such that it will make your turnover in crores even for a small F&O trade. There is another school of thought were turnover calculation method is modified where u get a reasonable turnover value.
However in any scenario you have to pay tax even u incurred a loss.
Awesome Video #Saketh... Much needed information especially during Financial Year End.. Keep up the great work... 👍👍😍😍
Thank you sir
@sakethr I got 3 mistake in your video.
1. 80C, 80D, etc are deductible from total income not only from salary.
2. Income tax return filling is only mandatory for the individual having total income more than basic exemption limit i. e. 2,50,000.
3. You have pinned.
Please explain using Excel showing different scenerios related to P&L, BALANCE SHEET so that everyone one can understand. Anyhow thanks for the video...
Correction in my previous comment. Carried forward loss should be 8 lakhs and not 8.5 lakhs as mistakenly stated there.
Please get your information varified by CA, it is not correct.
Which part?
Awesome, Now I just need to be profitable !!😂
My CA said restaurant bills, flight tickets, Uber bills etc. cannot be shown under expenses unless it is really for a purpose connected with your business and can be proved if there is a scrutiny by income tax department. Same applies for salaries paid to maids, cooks etc. Hence I show a lumpsum amount as miscellaneous expenses to cover all these expenses.
There are certain CA's don't support the opinion and some say it's ok it can be justified.
A heartfelt appreciation and applause 👏 🎉to you for making an invaluable video for the share market trading community! May you be blessed abundantly!
All the information is wrong regarding claiming food expenses and any other expense of personal nature this will lead to tax fraud
Interpretation bro. That's the word. Wake up to the world of reality. Showing it as client meetings expenses will be legal way of doing it. Grey area
Hey Saketh, just wanted to recheck with you on whether the expenses (like depreciation, Zomato, Ola) can be claimed under personal Income Tax Return? Since, I have seen other videos where people usually ask to create a Pvt Ltd or LLP to get these benefits.
Nice video and lot of insights. Thanks 🙏 is this applicable only if I have a company or can be used even for an individual trader?
Can be used for individual traders also
Great video! I hope we see more informative content like this in the future.
Thanks a lot
Superb in simple language. You cleared my many doubts . Ty
Thanks for sharing the most valuable information about reducing taxes by claiming expenses.
@sakethr - What about home appliances such as Refrigerator? Can it be set off and what category would it fall under? The bill will be in my name of course
No it cannot be shown you use it for business or employee welfare. Specially if you are getting for home.
But if you are getting for office you can
@@sakethrBy office I assume you mean a registered concern - LLC or partnership . But can't be set off against individual's income from F&O
Very informative and you have covered each and every small detail
Thank you
Very nice info Saketh.God Bless 💓.. Kudos to you .keep enlightening the trading community.🎉All the Best for a Great 2024-25...
Thank you very much
I had a booked loss of say 6 lakhs for the year before taxes and brokerage. If taxes and brokerage are say 2lakhs. Then net loss carried forward should be 8.5 lakhs for the year.
Is this statement correct? My CA does not agree with this. He says only 6 lakhs can be carried forward.
Experts may please comment.
Good one at right time saketh. Need more clarity about advance tax. As a option seller, im in profit, how much i have to pay. What will happen if i have not pay advance tax? Pls clarify
Add the option profit minus the expenses and pay tax as per your slab....
If you miss to pay advance tax, then you will need to pay interest on that amount till you file
@@nikhil99a Thank you so much
Awesome information Saketh ji... truly your videos helps me.
Very informative video, thanks for collecting all the information and making a detailed video on it. 😊
Very nice
Good information.keep doing good work.
Thanks a lot
As far as I know, the Tax is not 30% flat. Taxes on F&O income has to be paid according to the tax slabs of an individual. 30% flat tax is applicable if the trading account belongs to a company/partnership firm.
Yes I have clarified that in pinned comments
Superb!!! Very much informative Video.👏👍
Thanks a lot
Fantastic information bro. God bless you 😊❤❤❤
Thank you very much
I was in need of this info. Thanks for Sharing
Knowledgeable Video
Can these expenses like uber, zomato, fuel bill, sofa, car depreciation etc. can be claimed by individual as well or do you need to have some LLP or Pvt Ltd?
Dear @saketh thanks for sharing good information for tax filing. could you please let me know how an NRI can file tax benefits?
Last year My CA from tax buddy said if there is FnO loss we can’t add up expenses to loss for individuals. Only for registered companies/partnership we can add expenses to loss. Is this correct or I need to change CA
Good question. I added all expenses alongwith losses
Thanks Saketh Ramakrishna ❤
Travelling expense as an employee benefit expense might be a problem if its over exaggerated
I wish you had shared this info that long term capital gains can be setoff against the F&O loss
They cannot be
It can be. Please check other sources as well. Most folks lose money in F&O. This loss can be adjusted against the dividend and interest amount. I also see such losses can be adjusted against LTCG and STCG.
Super clear. Thanks for the video.
Thanks, it’s definitely a great information for taxpayers. What if user having two sources. One with regular salary and another with trading income. Are we still get the expanses taxes.
Brilliant. Thanks a ton. What about house rent?
Please suggest your CA. Your guy really knows.. My CA did not allow internet bill as it can be used for personal purpose also. On presumptive income, it is 6% or actual whichever is higher.
Thanks for inputs.
Thank you
Hi Saketh, i want to close F&O alltogether as I cannot concentrate on it fulltime and due to few other personal reasons. I have incurred loss for the current year. Can I offset it against STCG and interest and dividend income in current year and close the chapter once and for all? Thank you.
Bro you really hit the main Target 🎯 Question 😊
Should we consider Gross profit/ or Net profit in F&O while filing tax?
Can we offset interest from bank deposit/savings account interest or stocks sold from portfolio against eachother ?
Make one video on short term and long term capital gain taxes on property.. Land.. Farm mutual funds and Stocks..
Most of the expenses will not be allowed by CA.
Saketh my auditor would have none of those expenses like net, phone, CNBC tv hotel, food etc stating those expenses are mainly personal unless the expenses are segregated exactly the personal component and business component.
Please check and confirm.thanks
Thank you. Very useful video 🎉
Thank you
How about opening a corporate account for trading what is your view on it ?? Other then getting all invoices can all miscellaneous expenses made through a credit card and pay the bill at one time amd show it as an expense
Great video
In case of lose within what duration need to show for ITR ?
Can we claim these expenses as a salaried employee working full time and part as a part time trader? Let's say I made around 25k profit from F&O, can I claim the internet bills and other things related to trading? Also, this looks like a grey area, how will the tax authorities know if this is a business expense or personal expense/
So basically every expense can be said as business expense…
Wrong all business income is taxable under tax slab not flat 30 percentage,
Please guide us in the same way filing ITR 3 for individuals
if i made a purchase in FY 2023-2024 can I declare those expense in profit of FY 2024-2025?
Does Expenses Like Brokerages, sebi Taxes, Subscriptions of Fintarget Trading Automation Platform can be considered as Tax Deduction Elements??
Yes
@@sakethr 💕 Love You Bro 💯
Bro how ll effect the gap ups and downs for far otm option sellers like 1000 points far iam entwring in nifty friday selling 1000 point far strikes both ce and pe
Thanks for helpful video 😊
Saketh I need a detailed video recording corporate demat account. Can u please help me?
Very Informative !!!🙂
Hi Saketh,Can i claim brokerage charges and other charges like stt etc?
Yes it will be already included in your net profits
there is no compulson for 5 years presumptive tax
I guess Bangalore has no proper CA who understands stock market taxation:/
Good Info. Thank you
What about stt and gst we pay on each transaction in trading ?
Very nicely explained.
Great insightful video
Thank you
great knowledge 👌🙏
Good info brother ❤
Hello Saket... why did u say that CAs dont prefer presumptive taxation when profit is 5-6 times compared to 6% profit declared, does it become illegal?...plz reply
Because you will be under scrutiny from IT dept
In case of option selling how do we find the turn over. For example if option sold for Nifty is 10/ will the turn over be 500/? or will it be nifty price * 50?
In case of option selling or writing turn over will lot size multiply by premium. For ex Banknifty lot size is 15 and you sold 48000 call which is trading at 10 rs so turnover will be 15*10 = 150rs
Turnover is the sum of difference between MOD(selling price and purchase price) multiplied by quantity sold. So basically it is the sum of all profits and losses without the negative sign.
@@jainabhishek1987 it is old method.
Mr Nagesh is right.
You said that, if we file pressumptive tax in first year, we have to continue it for five years and pay tax as per first year. What we have to do, if we do not trade in second year at all? Do we still need to pay tax?
Bro then you won't have any turnover. Presumptive tax is based on turnover. So no tax.
@@rexspeaks ok bro. Do you know any consultancies who can help in incorporation of companies for f&o trading purpose solely?
Thanks man ❤
Can there be advance tax, if I'm in loss every quarter?
Great content.
Hi Saketh, what if someone has taken personal loan for trading? Does interest paid towards loan can be deducted from income?
Yes that will come under expenses
Yes it can be subtracted
Could you please provide a list of expenses that we can claim legally if we I am an individual and living in a rented house and have only FNO income
Read my long post for clarity
Could short term capital gains considered as business income? And can we show all the expenses to exempt tax to a certain limit?
If the trading frequency is high, can consider as business. There are case histories online.
The turnover has been changed to 3 cr from 2 cr
Small question here: I have total loss of 1.5 lakh in F&O with Turnover 9.5 lakh. and my income is below 2.5 lakh. I do not want to carry forward my loss. Is it mandatory to file ITR?
You can file ITR to carry forward losses which is beneficial if you do business afterwards to have set offs otherwise it's not mandatory in your case
@@bgmiclips3059 appreciate your comment!!
Please let me know how I can connect with you as I have few questions to discuss
Should the expenses and bills be on the trading person name only or it can be on the spouse or family member name also?
Strictly trading person only
Hi can we add maid servant expenses also
Hi, if u have taken personal loans and used it for trading which is not recommended, can we show this in expenses. But no evidence to say its used for trading other than online transaction history
You have to show that the loan taken is used for trading. If yes then the intrest portion paid can be set off as expenses
It's not ur cup of tea. You r struggling. Worst ever video from sanketh. Tax laws are not that easy. Don't mislead
Don't share some misleading information which leads to create more confusion...
??
@@vidyuthshetty369 income form business profession taxable at individual slab rate. Not flat 30%. U/s 80 deduction applicable on total incom except capital gain. U/s 44 have lot more clauses which you are not cover.
Yes I have clarified regarding the tax rate in the pinned comments. Yes sec 44 have many more clauses hence I said certain CA's recommend it and some of them dont
Can we expense Hotel stays?
My CA will always file the ITR in JUNE month. is that ok?
That depends on the cut off date the government gives for filing the tax returns
Generally that is the cut of date. But if you don't pay advance tax, you will have to pay interest
Can you prefer good CA in Bangalore ?
Hey Saketh, I am a salaried person and also I am doing f&o and having a profits in it. Can i also apply for the reductions on f&o income?
Yes
business income taxed as per the individuals slab
Sir Pl tell about short term capital gain, is any exemption on it ?
No you can only set off against capital gains
@@sakethr thank u sir
Very nice
Joke of the century thumbnail 😂😂😂😂😂 doesnt apply to 89% f & o traders.