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  #1  
Old 1st May 2011, 12:02 PM
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Default Do I Need to Pay Tax?



Hi,

I am a salaried employee.

My income for this year was 1.6L pa and no tax was deducted by my company.

I do intraday trading and I had a loss of 40k.

Do I need to pay tax?
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  #2  
Old 1st May 2011, 01:18 PM
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I don't think you have to pay any tax this year. I think below is the tax rate for FY 2011 - 12.

Income Tax Rates/Slabs Rate (%)
Upto 1,80,000
Upto 1,90,000 (for women)
Upto 2,50,000 (senior citizens) NIL

1,80,001 5,00,000 10
5,00,001 8,00,000 20
8,00,001 and above 30

As per this above table. Upto 1.8 Lac per Annum you don't need to pay anything.
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  #3  
Old 2nd May 2011, 06:50 AM
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Quote:
Originally Posted by nilesh008 View Post
Hi,

I am a salaried employee.

My income for this year was 1.6L pa and no tax was deducted by my company.

I do intraday trading and I had a loss of 40k.

Do I need to pay tax?
You don't have to pay tax.

But you do need to reassess if you should be placing such big bets on day trading. You have made a loss of 25% of your yearly income.
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  #4  
Old 2nd May 2011, 09:06 AM
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Quote:
Originally Posted by nilesh008 View Post
My income for this year was 1.6L pa and no tax was deducted by my company.
Your tax liability is 0.

For FY 2010-2011, 10% slab was Rs 160000 - Rs 500000.

Those with income of less than Rs 160000 don't have to pay income tax.
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  #5  
Old 3rd May 2011, 11:26 AM
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Default

Quote:
Originally Posted by nilesh008 View Post
Hi,

I am a salaried employee.

My income for this year was 1.6L pa and no tax was deducted by my company.

I do intraday trading and I had a loss of 40k.

Do I need to pay tax?
You don't need to pay tax. But I suggest you file taxes and carry over that loss of 40K for next year.

Also, don't lose 25% of your salary like this.
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  #6  
Old 4th May 2011, 06:41 PM
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Quote:
Originally Posted by himanav View Post
You don't need to pay tax. But I suggest you file taxes and carry over that loss of 40K for next year.

Also, don't lose 25% of your salary like this.
Yes I too support this post.

File your return.

You will have to file nil return (zero tax paying return).

Benefit you can carry forward your short term trading loss and if you make a gain in next financial year you can nullify the effect.

I feel the person is doing short term trading from his old money pass over to him from his family. As it's highly unlike a person making 25% erosion of his salary in trading when he himself doesn't fall under tax limits. Also 40k is the loss so I expect at least 60-70k might have been the investment and where will inflation go?

Last edited by magnet : 4th May 2011 at 06:47 PM.
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  #7  
Old 27th May 2011, 11:34 AM
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Default NO

My friend as per the latest Slab rate you fall in the category of "others" to pay tax where the "others" are not liable to pay TAX up till the income of 1.6 lakhs per Annum. You are also dealing in stock exchange, Loss from such activity is speculative, hence you are already below the tax range thus YOU are NOT required to pay tax (subject to condition that you do not have any other source of income). You can file NIL returns which is always a good practice in case in future you require loans.
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