Is the income, taxable under Indian IT law ?

Question

I'm a student doing my final year in college and have PAN card. I have been trading in stocks and shares for the past 10 months.

My question is if, I being a woman, earn Rs.1.40 lakhs p.a. only by SHORT-TERM capital gains by buying and selling shares,[no other source of income] should I pay Income Tax ?

Answer 1

No if you have earned only Rs. 1.40 lakhs by way of Short Term Capital Gains you do not have to pay any tax because the income earned by you is less than Rs. 1,45,000 which is the basic exemption limit (threshold limit) for resident women individuals.

Answer 2

If your income is less than Rs. 1,45,000 you are not required to file.

Read: http://mytaxes.in/index.php?topic=16.0

Answer 3

hello mem ur income is 140000 but limit is 145000 .....  so u have to file IT return becaus ur income is taxeble........  and also IT return filing is good for our future plan & our capital .......  u  can make balancesheet & p&l  by accountant.........if u want any help  email me  on [e-mail]

Answer 4

FOR YEAR 2007-08 Rs,1.5 Laks and For Year 2008-09 Rs.1.8  is totaly Exempt to womens Income..So do'nt  wory your income is not taxeble but aapko retern fill up karna hoga ..

Answer 5

tax is payable when your income exceeds tha taxable amount for that particular year. if the short term capital gains u earned are less than the taxable amount for the year, u dont have to pay any taxes,.