How can income tax been calculated on profit, loss statement of?
Profit on sale shares is taxed either under capital gains or as business income depending on the case. Long term capital gain is exempt under section 10(38) and short term capital gain is taxed at 15%. Business income is taxed as per slab of income. Profits from future and option transactions are taxed as business income only. Profit on intra day transactions is taxed as speculative business. Dividend (regular kind of dividend) under section 2(22)(e) is exempt under section 10(34). Other types of dividends are taxed under other sources.