presumptive taxation scheme

Taxability of Intraday Trading

Know About Taxability of Intraday Trading

The term Intraday Trading means that the buying and selling of the stocks are done on the same day. While buying stock, the person has to specifically mention ‘intraday’ on the portal through which he is buying stocks. Through this trading, the traders earn money by buying or selling stocks and derivatives on the same day from price fluctuations at given point of time. The profits earned on this intraday trading of stocks are speculative gains and loss as speculative loss.

All About Advance Tax Under Income Tax Act

All about Advance Tax under Income Tax Act

Advance tax, as the name suggests is the tax which is to be paid in advance by the assessee during each financial year. It is also known as ‘Pay as your Earn’ Tax and is different from the usual income tax. For paying this tax, the assessee has to estimate his income beforehand for the entire financial year and pay the tax accordingly. This Advance tax collection is to ensure that the government is able to collect taxes uniformly throughout the year.