(Tax For Traders in IndiaUpdated as on Aug 2015)

 

Traders today have so much of compelling options to trade in the stock market varying from stocks, futures, or options to manage their capital more wisely and achieve their trading objectives. But on the other side, they are obligated under income tax regulations to file their returns in right manner and pay taxes on their trading profits. So, it becomes important for any trader to understand the taxation treatment of trading business in India so that they can plan their trading activity accordingly and achieve their goals.

In an attempt to make your task simple and easier while filing your income tax, we are writing these series of posts to help you understand how we traders are obligated under the law to take care of filling of our trading activities.

 

Classification of Trading / Investment Income

Income from trading or investment activity can be classified into four different sets:-

  1. Long Term Capital Gain
  2. Short Term Capital Gain
  3. Speculative Business Income
  4. Non-Speculative Business Income

 

Long Term Capital Gain

Stocks sold after holding for more than 365 days – Tax Free

Investments for more than one year (365 Days) are considered to be long term and profits arising out from selling a stock after holding it for 12 months will be treated as a long term capital gain (LTCG) which as per the section 10 (38) of the income tax act is exempt from tax provided such a transaction is done through a recognized stock exchange for which Security transaction tax (STT) is paid.

Enjoy 100% of the profits you made out of your long term investments.

 

Short Term Capital Gain

Stocks sold after holding for more than one but less than 365 days – 15% Tax

Any profit arising out from selling a stock after holding it for less than 12 months will be treated as a short term capital gain and will be taxed at 15% provided you take the delivery of shares in your demat account (Exchange has a settlement time of T+2 working days, so any stock that you bought on Monday comes in your dmat account only on the 2nd day from date of purchase i.e. Wednesday).

 

Speculative Business Income

Equity Intra-Day or Non-Delivery Trading – Taxed as per Tax Slab

Any transaction where you buy and sell the shares on the same day is a Day Trade. Any profits and losses arising from any such transaction will be considered as Speculative Activity.
As per section 43(5) of the Income Tax Act, 1961, profits earned by trading equity for intraday or non-delivery is categorized as Speculative Business Income and will be added to your other income under the head income from business / profession and will be taxed according to your total income slab.

 

Non-Speculative Business Income

Futures & Options Trading – Taxed as per Tax Slab

Income from trading Futures & Options (F&O) on a recognized exchanges (Equity, Commodity or Currency) will be considered as Non-Speculative Business Income. These income must be added to your total income and taxed according to your new respective tax slab.
As these incomes are considered as business income, so you can offset it with business expenses you incur to earn it like depreciation, internet bills, advisory fees, software charges, and more.

For those who are active traders and would like to make up a trading plan specifically for F&O trading, here are couple of articles to help you learn more about Futures Trading, Important Aspects of Trading, important trading rules and how to trade Nifty & Bank Nifty Futures?

Part VI – Getting Started With Trading – How to Trade Futures Market?

What is BankNifty Index (CNX Bank Nifty Index) & How to trade BankNifty?

How to Trade Bank Nifty Futures?

How to Trade Nifty Futures?

12 Step-wise Trading Rules for New Traders to be Safe in the Market


 

Are You an Investor or a Trader?

The first and foremost decision that any market participant has to make before filling Income tax is to declare whether he / she is an investor or a trader? Income tax regulations in India treats the activity of a trader and investor in different ways and have in-turn different taxation treatment and obligations. An investor can treats his short term income from equities as capital gains and pay a flat tax of 15% while a trader has to declare his income from short term equity trades as business income and is obligated to pay tax as per his taxation slab which in case of higher tax slab individuals can mount up to 30%.

 

 

Still a lot of ambiguity is there in Indian taxation laws specially in case of how to treat short term income from trading in taxation. So, there are some important questions which comes to the mind of most market participants in India while declaring their investment activities in their yearly tax fillings.

– Whether to declare self as an investor or trader?

– Whether to declare your short term equity trading activity as investments or business?

– Whether you can declare self as an investor if you don`t trade in f&o segment?

– Whether you can declare self as an investor if you don`t trade in f&o segment but engaged in trading as a full time business?

To clarify some of the doubts read the article below to get a glimpse of who is an investor or a trader as per tax laws and how to treat your short term trading activity while filling income tax (the most un-clarified and ambiguous clause)?

Rakesh Jhunjhunwala who is an investor and a trader must also have a lot of disputes with tax authorities on how to declare his trading as against investments.

Read the story of inspiration of a young dreamer who started back in 1985 at the age of 25 years with limited capital of only Rs. 5000 but with big dreams, who spent day and night to understand the rules of the games, whose courage and dedication made him a billionaire & surely one of the most followed and respected investor / trader in India & across the globe. The one who broke all the fixed rules of trading and laid down the foundations for others to follow.

Rakesh Jhunjhunwala – The Inspiring Story & Philosophy of India`s Most Successful InvesTrader

 

Earlier, a lot of disputes use to exist since it was difficult to prove the intention in acquiring shares/securities. So, to to reduce litigation and uncertainty some clarity on how the surplus generated from sale of listed shares or other securities would be treated as Capital Gain or Business Income was published by the Ministry of Finance on Feb 29th, 2016 which will reduce the disputes raised by the Tax Assessing Officer.

Read Income from Equity Trading – Business Income or Capital Gain? with the new updations after New Circular from Ministry of Finance.


 

Section – I  Taxation for Investors in India

 

Taxation on Trading Stocks in India for Investors

 

Long Term Trading Tax in India / Long Term Capital Tax on Stocks in India for Investors

Stock hold for more than 12 months – Long Term Capital Tax

Investments for more than one year are considered to be long term and attract no tax on profits. Profits arising out from selling a stock after holding it for 12 months will be treated as a long term capital gain (LTCG) which as per the section 10 (38) of the income tax act is exempt from tax (provided such a transaction is done through a recognized stock exchange for which Security transaction tax (STT) is paid). Enjoy 100% of the profits you made out of your long term investments. 
While on the other hand, any loss arising from selling the stock after 12 months will not be adjusted against any short or long term capital gain from any source.

Suppose, Mr. Shrinivasan has bought 1000 shares of Tata Motors at Rs. 260 on April 9th 2013 and he sold it at Rs. 500 on Sept 17th 2014, then the total long term profit of Rs. 2.4 Lacs arising from this investment will be exempt from tax and he can enjoy the 100% profits and don`t have to pay any income tax on it.
While on the other hand, if he has bought 1000 shares of DLF at Rs. 230 on April 9th 2014 and sold it at Rs. 167 on Sept 17th 2014, then the total short term loss of Rs. 63,000 arising from this investment will not be adjusted against the profit made from Tata Motors or any other source.

 

 

If the investment and the consequent sale were done via an off-market transaction (transferring from one DP to another persons DP), then the Long Term Capital Gain Tax on:-

  • Listed stocks is 10%
  • Non listed stocks is 20%

 

Short Note for Taxation for Long Term Investing In India

#1. Profits or Losses from long term investments will be treated as Long Term Capital Gain or Loss.
#2. Profits from Long term investments will be tax free (Provided they are done through an exchange and sold after holding for more than one year, i.e. 365 days)
#3. Losses from Long term investments cannot be adjusted against any short term and long term profits.
#4. STT paid to the Govt cannot be claimed as expense for Investing.

 

Short Term Trading Tax in India / Short Term Capital Tax on Stocks in India for Investors

Stocks hold for less than 12 months –  Short Term Capital Tax

Any profit arising out from selling a stock after holding it for less than 12 months will be treated as a short term capital gain and will be taxed at 15% provided you take the delivery of shares in your demat account (Exchange has a settlement time of T+2 working days, so any stock that you bought on Monday comes in your dmat account only on the 2nd day from date of purchase i.e. Wednesday).
While on the other hand, any loss arising out of the short term trading can be carry forwarded to a period of 8 years against any short term capital gain or long term capital gain, if these loses are declared while filling the income tax returns.

Suppose, Mr. Shrinivasan has bought 1000 shares of Tata Motors at Rs. 260 on April 9th 2013 and sold them at Rs. 420 on Mar 04th 2014, then he has to pay a short term capital gain tax of 15% (i.e. Rs. 24,000) on his profit of Rs. 1.6 Lacs.
While on the other hand, if he has bought 1000 shares of DLF at Rs. 230 on April 9th, 2013 and sold them at Rs. 140 on Mar 04th 2014, then the total loss of Rs. 90,000 arising from this investment can be netted against the profits made from Tata Motors or any capital gain arising within the period of 8 years.

Short Note for Taxation for Short Term Investing In India

#1. Profits or Losses from short term investments will be treated as short term capital gain or loss.
#2. Profits from short term investments (within one year) will be treated as short term capital gain and taxed at 15%.
#3. Loss from short term investments can be carry forwarded to a period of 8 years against any short term capital gain or long term capital gain, if these loses are declared while filling the income tax returns in respective years.

 

Investors should take a good note of the total holding period of any stock they are planning to sell, as any stock sold after holding it for even 364 days will be considered as short Term and not Long Term. So, to take the benefit of the long term capital gain keep a fair note on the holding period of the stock.

Another important point to consider here is that if you have bought and sold the same shares many times, then you will have to use FIFO method to calculate the holding period and in-turn your Capital Gains.


 

Section – II Taxation for Traders in India

 

Taxation on Long term Equity, Short term Equity & Tax on Futures and Options in India – Non-Speculative Business Income / Loss

Equity Delivery and F&O Trading  – Taxed as per Income Tax Slab

If you are trading futures & options or day trading stocks on a recognized stock exchange, then you have to declare yourself as a Trader. So, equity trading for short term or long term will be considered as Business Trading and will be taxed just similar to taxation of ‘Futures & Options’.

Profits arising out from selling a stock after holding it for 12 months or less than 12 months (excluding equity day trade or BTST)  or from trading derivatives will be treated as a Business Income and added to your total income and taxed according to your new respective tax slab.
As these incomes are considered as business income, so you can offset it with business expenses you incur to earn it like depreciation, internet bills, advisory fees, software charges, and more.

 

 

While on the other hand, any loss arising from trading derivatives will be considered as Non Speculative Business Loss and can be offset against any other business income including speculative business income (Income from Day Trading) except salary in the same year. So you can set-off against bank interest income, rental income, capital gains, but only in the same year.
The balance, if any, can be carried forward and set off only against non-speculative business income within eight assessment years immediately succeeding the assessment year in which the loss was first computed.

For Example, In the year 2013-14, Mr. Shrinivasan has a annual salary of Rs. 6 lacs and he has incurred a total loss from derivatives of Rs. 1 lac and his income from day trading is Rs. 25000 and other business income (apart from salary) is Rs. 1.5 lacs then his loss from derivatives (1 Lacs) can offset from day trading income (25000) and other sources (75,000).
Therefore, his taxable income will be Rs. 6 lacs + [25000 + 1.5 lacs – 1 lac] is Rs. 6.75 Lacs and will be taxed according to his tax slab of 20%.

The above criteria are very much applicable to those whose only source of income is trading business but if you are salaried or you have some other business income as your primary or core income source then it becomes easier to show your equity profits as capital gains.

If you are trading F&O and doing frequent short term equity then you have to declare self as a trader but even then you can declare your long term profits as long term capital gains and be exempt from taxes. So, you can be a trader as well as an investor at the same time.

So, taxation rules are clear for speculative day trading and non-speculative futures trading, as any income from these two sources will surely has to be declared as business income.

But for long term investments, all the stocks that you have sold after holding for more than one year can be declared as long term capital gain and thus exempt from tax while if you are trading stocks frequently then all these income should be declare as speculative rather than capital gain.

Therefore, it becomes important to stay consistent with what you are declaring self while doing tax returns. So, consult a CA to determine what to declare self while filing tax returns to achieve your trading objectives in futures.

 

Short Note:

#1. Speculative Trading in Stocks or F&O trading requires you to declare yourself as a Trader.
#2. Profits or Losses from equity trading for long term or short term and derivatives trading will be taxed as Income from Business/Profession, if trading is your only source of Income.
#3. Profits will be added to your total income and taxed according to your respective tax slabs.
#4. Losses from derivatives trading cannot be deducted from salary income but can be offset against any other income (including day trading income) in same year.
#5. Losses can be carried forward and set off only against non-speculative business income within eight assessment years immediately succeeding the assessment year in which the loss was first computed.
#6. Business expenses including depreciation, internet bills, advisory fees, software charges, and more. can be offset against your profits income.
#7. ITR 4 should be used while filling taxation for individuals trading derivatives.
#8The only thing that you’ll have to know is whether to get your books audited or not. So, If you turnover for the financial year is > 1 crore and your profits are less than 8% of the turnover, you have to compulsorily get your books audited. But if you total income is below the taxable limit, then there is no need to undergo tax audit.
#9. Taxation rules are clear for speculative day trading and non-speculative futures trading, as any income from these two sources will surely has to be declared as business income. If you are trading F&O and doing frequent short term equity then you have to declare self as a trader but even then you can declare your long term profits as long term capital gains and be exempt from taxes. So, you can be a trader as well as an investor at the same time.

 

 

Taxation on Intraday Trading (Equities) in India – Speculative Business Income / Loss

Equity Day Trading (Intraday Trading) or Non-Delivery Trading – Taxed as per Income Tax Slab

Any transaction where you buy and sell the shares on the same day is a Day Trade. Any profits and losses arising from any such transaction will be considered as speculative and will be added or netted of against your income from business/profession.
So, any profit from day trading (equities) will be considered as a speculative income and will be added to your other income under the head income from business / profession and will be taxed according to your total income slab.
Suppose, Mr. Srinivasan`s total salary income is Rs. 6 lacs and his day trading profits for the year is 1.5 lacs, then his total income will be 7.5 lacs and will be taxed as per 20% slab.

While on the other hand, any loss from the day trading will be considered as a speculative loss and can be carried forward against only speculative profit within the period of next 4 years and not against long term or short term capital gains or non speculative income (F&O Income) as per Section 73(1) of the Income Tax Act, 1961.
Suppose, Mr. Srinivasan had incurred a day trading loss of 1 lac and booked a short term profit of 2 lacs during the same year, then the 1 lac loss cannot be netted off against 2 lacs profit. So, he has to pay short term tax on 2 lacs profit and 1 lac loss can offset against any speculative profits within next four years.

Short Note:

#1. Profits or Losses from day trading equity will be considered as Speculative Profit or Loss.
#2. Profits from day trading equities will be considered as speculative income and will be added to other income and taxed as per your tax slab.
#3. Any loss from speculative (day trading equities) cannot be adjusted against short or long term profits  or non speculative income (F&O Income) but can be offset against speculative profits within the next four years.

 

Set-off & Carry forward the Business Losses

To carry forward the losses in the subsequent years, the perquisite is that they should be filed in the same year the losses were incurred, else you cannot carry forward them in the subsequent years.

Speculative business losses (Equity Intraday Trading Losses) can be carry forward for a period of 4 years and can be set-off only against any speculative gains and not against non-speculative (F&O) gains,

Non-Speculative Business Losses (F&O Trading Losses) can be set-off against any other business income ( bank interest income, rental income, capital gains) except salary income in the same year and balance if any can be carry forward for the next 8 years and can set-off only against any non-speculative gains made in that period.


 

We can understand the pain you might have felt by having losses in your trading positions at the end of the financial year. Its really a pain which needs to be addressed and surely can be rectified.

We all traders commit similar trading mistakes and felt into the trap. If you had huge losses from day trading then you must have been trapped into the general philosophy of confusing day trading with trading every day. Actually it is not. We have addressed the issue and elaborated the same Why Trading Everyday is a Silly Plan & What to do Instead?

Also, if you have been trading futures market, then its important to note that trading is all about planning and following your trading rules strictly and nothing else. So, preparation is generally the key for the success of most professional traders and for traders it all about understanding the importance of designing a trading plan and implementing it. They are no different than us, but just they remain stick to what they planned and follow it blindly. There are 12 Step-wise Trading Rules for New Traders to be Safe in the Market which can help you stay in the market forever and be successful.

Every trader or an investor goes through this stage but its important to take steps to rectify it and not repeat it again. And there is no better way than to learn from the Legends themselves. Refer to the below books and other recommended books on investing and trading to help you learn how some of the successful traders or investors deal with their losing steak, recovered from the bad days, make a mark from this business and made millions.
Stock Market Wizards, By Jack D. Schwager

 

Reminiscences of a Stock Operator By Edwin Lefevre

You can find the complete list of recommended list of trading & investing books here.


 

 

Mandatory Tax Audit for Traders

Any trader will have to undergo the audit of accounts if the Turnover for the financial year is greater than Rs. 1 crore (provided his annual income is more than 2.5 lacs). So, if your total income (trading +  Salary or other business) is lesser than Rs 2.5 lacs, you don’t need an audit even if the turnover for the year is greater than 1 crore.

 

How to Calculate the Turnover for Tax Audit?

Turnover is being calculated to determine if you need a tax audit or not?

    • For Intraday equity — absolute sum of settlement profits and losses per scrip
    • For Delivery equity — sell side value of the stock
    • For F&O (Equity, Currency, Commodity) — absolute sum of settlement profits & losses for F&O) per scrip and the sell side value of option contracts

Suppose, you bought 1 lot (25 units) BankNifty futures at Rs. 17700 and sold it at 17800, then you made a profit of Rs. 2500 and say on some other day, you had a loss of Rs. 1500, then the total turnover will be summed up as 2500+1500 = Rs. 4000. So, all such settlement profits & losses added together (absolute) summed together forms up as turnover.

In case of Options,
Suppose you bought BankNifty 19,000 CA @ 100 and sold it @ 300, then turnover will be 25 x (300-100) = 5000.
In another case, suppose you bought BankNifty 19,000 CA @ 100 and sold it @ 50, then total turnover will be 25 x (100-50) = 1250.
Lastly. suppose you bought BankNifty 19,000 CA @ 100 and it expires worthless, then the total turnover will be 25 x (100-0) = 2500.

 

Difference between Trading Turnover and Settlement turnover for audit?

To understand the difference between the trading and settlement turnover calculation for audit, Refer to the illustration.
Suppose, Mr. Srinivasan bought 100 shares of Tata Motors at 400 and sold 100 shares at 380 then his trading volume will be Rs 78000 but his settlement turnover will be just Rs 100×20= Rs. 2000. So, All such settlement profits and losses summed up together if exceeds Rs 1 crore, only then is the audit required.


 

Advance Tax on Trading

More generally referred to as ‘pay-as-you-earn’ tax structure. When you have a business income you have to pay most of your taxes before the year ends on March 31st. Advance taxes are required to be paid by individuals as well as corporate, so there are no exceptions. So, if you think at the end of the year, you will have taxable income say apart from salary, then advance tax has to be paid.

As per our tax laws, any business income earned in India will attract the tax to be paid in advance as

– 30% by 15th September

– 60% by 15th December, and

– 100% by 15th March.

So, if your tax liability comes out to be more than Rs. 10,000 in a financial year then you need to pay it in advance as per the % structure mentioned above.

This is very simple to calculate and pay if we talk of business income which is assured. But the issue comes with the business income or capital gains from trading as the income which was positive say till end of 15th September may turn out to be less if the trader incur losses in the subsequent months. The net income at the end of the month may be less or even negative.

 

Do we need to pay advance taxes in case of short term capital gains & profits from trading futures?

Yes, if you have any short term capital gains then advance tax is required to be paid on the booked profit but on the other hand if the gain is notional i.e. you are still holding the stock, there is no need of advance tax.

In case of Futures, since it is considered as a business, you will have to pay advance tax on the estimated profits and say if you had a net loss in the year end then you can claim refund of the advance tax paid.

The problem arises when you didn`t had any profits in the first few months and later your profits rises in the last few months.

Therefore, Payment of advance tax depends on your projected ‘Total Income’ and not income from trading only.

So, you can pay advance tax by Sept 15th for what was earned till that period and you can make the balance tax payment by March 15th. So if you have booked profit from stocks, you can pay advance tax only on that profit.

Also, if you have paid more tax than what was supposed to be paid as per your total business income for the financial year, you can claim a tax refund.

And yes, not paying may have a penalty of 12% annualized interest for the period by which it was delayed.

You can visit Advance Tax Calculator on Income tax Department website to calculate the tax to be paid.

 

What about Advance Tax for Salaried?

If you are salaried, you need not pay advance tax on your salary income as your employer deducts tax at source (TDS) from your salary regularly and pay it in advance to the government.

But if you have any other income apart from salary then you are required to take care of your advance tax laibility. So, any income from capital gains on shares or house property, interest on fixed deposits are required to be included and advance tax is required to be paid after adjusting for expenses or losses, if any.

So, advance tax for salaried are payable only on their other income and not on salary.

 

Can we choose the tax only at the end of the year as it is difficult to estimate the earning from trading?

If our tax liability comes out to be more than Rs. 10,000 in a financial year then we need to pay it in advance as per the % structure mentioned above.

But what if we don`t?

Then it will attract the interest of 1% per month on the non paid tax.

 

How is Interest Calculated for Non-Payment of Advance Tax on Trading?

The Income Tax Act has prescribed sections to provide how interest for non- payment/short payment/deferment in payment of advance tax will be calculated:

(i) INTEREST U/S 234A: For late or non furnishing of return, simple interest @ 1% for every month from the due date of filing of return to the date of furnishing of return, on the tax as determined or on regular assessment as reduced by TDS/advance tax paid or tax reliefs.

(ii) INTEREST U/S 234B: For short fall in payment of advance tax by more than 10%, simple interest @ 1% per month is chargeable from 1st April of the assessment year to the date of processing  or to the date of completion of regular assessment, on the tax as determined or on regular assessment less advance tax paid/ TDS or tax reliefs.

(iii) INTEREST U/S 234C: For deferment of advance tax. If advance tax paid by 15th September is less than 30% of advance tax payable, simple interest @ 1% is payable for three months on tax determined on returned income as reduced by TDS/TCS/Amount of advance tax already paid or tax relief.

Similarly, if amount of tax paid on or before 15th December is less than 60% of tax due on returned income, interest @ 1% per month is to be charged for 3 months on the amount stated as above.

Again, if the advance tax paid by 15th March is less than tax due on returned income, interest @ 1% per month on the shortfall is to be charged for one month.

(iv) INTEREST U/S 234D: Interest @ 0.5% is levied under this Section when any refund is granted to the assessee u/s 143(1) and on regular assessment it is found that either no refund is due or the amount already refunded exceeds the refund determined on regular assessment. The said interest is levied @ 0.5% on the whole or excess amount so refunded for every month or part thereof from the date of grant of refund to the date of such regular assessment.

 

Short Key Notes:-

Salaried Traders

If you are a salaried person, then profits from derivatives will be added to your salary income and will be taxed according to your tax slabs. While on the other hand, losses from derivatives trading cannot be offset against the salary income but can be offset against any business income in next 8 years.


 

Supporting Documents Required while Filing Income Tax for Traders in India

#1. Profit & Loss Statement
#2. Contract Notes
#3. Depository Statements
#4. Bank Statements


 

Due Dates for Filing Income Tax Returns in India

Any individual trader carrying out trading activity be it long, short or day term are obligated under the income tax law to file their returns before July 31 (This year the date is extended to September 7, 2015) and it is September 30th for companies.
In case your turnover exceeds Rs. 1 crore in a financial year, then the book of accounts needs to be audited and the due date for filling returns is September 30. Under section 271 B, failure to submit the tax audit in time has a penalty of 0.5% of turnover or Rs 1.5 lakhs, whichever is lesser.


 

STT, Brokerage & other Expenses for Traders

Business expenses including Brokerage Charges, Internet Charges, Advisory Fees, Research Reports, Computer & electronics Depreciation, Electricity Bill, Telephone, Software & Data Feed Charges, Newspaper, Books, STT and rent, etc can be used to reduce the taxable income from Speculative/Business Income. You can mention any other expenses that is incurred for undertaking your trading activity under the section “Other Expenses”. So, for any expenses you mention maintain the supporting documents for any future reference.

STT, or Securities Transaction Tax, is a tax levied on securities trades (excluding commodities or currency trades). Different STT rates are applicable for Equity (cash) and Futures and Options (F&O) transactions. STT is levied on trades on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and other recognized stock exchanges. For commodities, CTT (Commodities Transaction Tax) is levied.
If the trade is a equity delivery trade, than a tax of 0.1% on the turnover is levied on both the buy side and sell sides of each trade. However, if the trade is squared off (closed) within the same trading day, meaning it is a intra-day transaction, then the STT rate applicable is 0.025% on the sell-side trade(s) only.


 

Which ITR Form to use for Traders & Investors in India?

For Investors

ITR 1 – Individuals having income from Salary and Interest
ITR 2 – Individuals having income from salary, Interest and Rental

For Traders

ITR 4 or ITR4(S) – Individuals and HUF’s having income from a proprietor business or profession

For Companies

ITR 6


 

Income Tax Slab – FY 2015-16

For Men/Women below 60 years of age For Senior Citizens (Age 60 years or more but less than 80 years) For Senior Citizens (Age 80 years or more)
Income Level Tax Rate Income Level Tax Rate Income Level Tax Rate
Rs. 2,50,000 Nil Upto Rs. 3,00,000 Nil Upto Rs. 5,00,000 Nil
Rs. 2,50,001 – Rs. 500,000 10% Rs. 3,00,001 – Rs. 500,000 10% Rs. 5,00,001 – Rs. 10,00,000 20%
Rs. 500,001 – Rs. 10,00,000 20% Rs. 500,001 – Rs. 10,00,000 20% Above Rs. 10,00,000 30%
Above Rs. 10,00,000 30% Above Rs. 10,00,000 30%

In case of companies, income tax is a flat 30% and no tax slabs exist.


 

Important Q&As while filing Taxation for Traders in India

# Is there any loss we can net off against salary?
No, we cannot offset any trading losses against salary income.

# Can we deduct long term capital loss from stocks with business income for computing income tax?
No, we cannot net off the long term losses against any income or gains.

# Can we carry forward the losses if not filed in the financial year?
To get the benefit of carry forwarding the losses, it has to be filed in your income tax before the due dates for the financial year to get any benefit. Otherwise, you cannot claim the benefit.

 

For Complete list of Q&As, Please Visit
Q&A : Taxation for Traders in India

 

Disclaimer: Please note that all the information shared is solely for the general information purpose only. No information, views, opinions or examples constitute a solicitation or offer by JustTrading.in to buy or sell any securities or to furnish any investment & trading strategy / advice or taxation advice or service. Every attempt has been made to assure accuracy & completeness, we assume no responsibility for errors or emissions.
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Part VIII – Getting Started With Trading – Tax Guide for Traders in India
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36 thoughts on “Part VIII – Getting Started With Trading – Tax Guide for Traders in India

  • August 6, 2015 at 3:33 PM
    Permalink

    This very neat and thanks for the info. I mostly take delivery and have done some 10 times Intraday made about not more than Rs.2000 . Can I declare myself Investor.

    Reply
    • August 9, 2015 at 8:50 PM
      Permalink

      Dear Sudhakar
      Income tax regulations had wide aspects to classify your trading activity as Business or Investment.
      Intraday trading (i.e. non – delivery trading) is considered as Speculative Business activity which requires you to declare self as a trader. So any income from equity day trading is speculative business income needs to shown under the head income from business / profession and will be added to your other income and taxed as per your Tax Slab.

      There are other criteria`s to classify self as a trader or investor like if you are buying and selling stocks frequently within weeks for short term or engaged in equity day trading or futures trading or your primary source of income is trading/investment or you are declaring self as a Trader in previous tax returns then you have to declare your trading activity as Business.

      Reply
  • August 17, 2015 at 7:47 PM
    Permalink

    Hi,
    My main source of income is FDs and Intraday + BTST + short term. Income below taxable limit. Still I received notices asking why I have not submitted returns for past 2 years. They are referring to my above trades under STT-01, STT-02 and STT-03.

    So I have decided to file this years return and I know I need to file ITR 4. Please help in providing some ITR4 specimen for stock market traders…..

    Suppose as per portfolio position from backoffice I have:
    Delivery purchases = 500000
    Delivery sales = 492000
    Speculation purchases = 6200000
    Speculation sales = 6215000
    Total of positive and negative values of speculation entries = 50000

    Cost price of Stocks with me on 1 Apr 2014 = 56000 (Calculated my be from last year reports and not available directly)
    Cost price of Stocks with me on 31 Mar 2015 = 110000 (Calculated my be from this year reports and not available directly)

    Market value of stocks (available from backoffice) held on 1 Apr 2014 and same day value = 67000. I dont now why it is required. So I think this is to be ignored and 56000 is to be taken as opening stock.

    Market value of stocks (available from backoffice) held on 31 Mar 2015 and same day value = 95000. I dont now why it is required. So I think this is to be ignored and 110000 is to be taken as closing stock.

    Margin money in trading account on 1 Apr 2014 = 9000
    Margin money in trading account on 31 Mar 2015 = 10000

    Please help me with sample ITR 4 for this data.
    Assuming that FD + above data is less than taxable limit and my profit is less than 8 percent, am I required to get myself audited?

    Thanks

    Reply
    • August 19, 2015 at 9:06 PM
      Permalink

      Dear Gaurav

      The first thing we need to evaluate is the profit or loss you had on your trading activity separately for long term, short term and speculative. So, consider all the delivery stocks that you sold this financial year (as there must be some stocks that you purchased last year and sold this FY or some you bought this FY but not sold off) for calculating the profit or loss and your speculative profit & loss also.

      As your turnover is less than 1 crores and your total income is below the taxable limit of Rs. 2.5 lacs, you are not required to undergo the tax audit.

      All the intraday profits should be shown under speculative business income while all short term equity delivery profits under capital gains head.
      As for ITR 4, you are required to prepare your balance sheet declaring your assets (Cash in hand, deposits with Bank, investments, Property, Automobiles and Other assets and liabilities (loans, credit card balances, mortgage loans etc) and profit & loss statement summarizing your income and expenses just like a business.
      So, it is advisable to file the same with the help of a CA so that you remain consistent with your future tax returns.

      Reply
  • August 23, 2015 at 2:26 PM
    Permalink

    Sir, My main source of income is farmer + fd + btst and intraday trading. My income below taxable limit. Still I received notice asking why I have not submitted returns past 3years. Because my income laser than one lack all sources.
    My income source…
    farmer 40000/- per year
    Fd interest 10000/-
    Other 10000/-
    And share trading I am loss 20000/-some thing.
    My portfolio about 2lakh 70thousand.
    I have loss in 20y4-15 in day trading about 20000. My day volume buy and sell total is 50lack. My income not more than one lack so I am not file income tax past year’s. Can i file income tax this year? Please give me advice.
    Thanks.

    Reply
    • August 23, 2015 at 2:28 PM
      Permalink

      Dear jitendra

      Income tax compliance is getting very strict these days.
      So all the traders or investors participating in the market are required to file their tax returns even if the total income is below tax limit.
      Many traders are getting notices from IT department for non filling or wrong filling of returns specially those day trading, short term trading and, trading f&o as all the traders trading the markets have to consider their profits or losses as business income or losses, so they are required to file ITR 4 or 4S.

      As per law, Electronic filing of income tax return is mandatory for the taxpayer if the total income is more than Rs. 5 lakh or if there is a claim of refund except for super senior citizen (Age above 80 years) or if ITRs 3, 4, 5, 6 or 7 have to be filed (Rule 12 (3) of the Income Tax Rules, 1962 as amended)

      Reply
      • August 26, 2015 at 7:25 PM
        Permalink

        Even many of the traders we are connected with are getting notices for non-filling of income tax returns.
        IT department are filtering out the accounts who are participating in the capital market but not filling their tax returns under STT-01, STT-02, STT-03, STT-04, STT-05 and asking them to submit their response electronically under Complaince module.

        Reply
  • January 8, 2016 at 10:18 PM
    Permalink

    Hi, request you to explain the taxation of Gold ETF and Liquid BEES ETF trading. Can I calculate turnover for these like Equity trading or only capital gains tax applicable for these.

    Reply
    • March 19, 2016 at 4:01 PM
      Permalink

      Dear Sumit

      Liquidbees & Goldbees are taxed as the debt funds.
      So, Investment in any of them, if held for 3 years or more, is considered as Long term and taxed at 20% with indexation. While for any period less than 3 years, short capital gains from these investments will be added to investor’s income and taxed as per his or her tax slab. But any dividend received from liquidbees are tax free as they are taxed in the hands of the companies and not the investors.

      Reply
  • February 26, 2016 at 7:16 PM
    Permalink

    I just saw your article on Getting started with Trading – Tax Guide – Part VIII. The article is highly informative and has been written in a lucid manner. The language is simple and very expressive. The examples added are making the points crystal clear with out any ambiguity. Indeed an excellent article.

    By the by, I need to have a copy of the said article. How do I get the same? Will you please email me to my id.

    Thanks a lot.

    Reply
    • February 26, 2016 at 7:24 PM
      Permalink

      Dear Rajamani

      Thanks for your great words. Will share with you the copy of the updated article on your email once the union budget 2016-17 is out this month end. We really appreciate your for taking time to share your thoughts.. Thanks @Rajamani.

      Reply
      • April 30, 2016 at 12:50 PM
        Permalink

        hello team just trade ,

        i have read your article, its very informative and simple to understand. Kudos to your team for explaining a complex issue so easily. Please mail a copy of the updated article . thanks

        Reply
        • April 30, 2016 at 1:05 PM
          Permalink

          Thanks Yatin for taking your time for sending us your wonderful words. We are really happy to hear the positive outcomes of our heart full efforts and initiative to help traders across to be independent and learn the skill of trading. Really motivating for us.

          But at present, due to large number of requests from traders & limited time, we are unable to provide the copy on email to each requests. So, we will try to find some solution to deal with requests and to serve you all in a better way.

          Thanks for giving us an opportunity to serve you & be of any help. Also, we are very happy to connect with the traders like you.
          Please let us know if you have any further questions; We are more than happy to help.

          Thanks
          JustTrading.in

          Reply
  • March 19, 2016 at 3:28 PM
    Permalink

    Hi friends

    can help me

    regarding scutiny.

    Reply
    • March 19, 2016 at 3:40 PM
      Permalink

      Dear Barwa

      As there are many technicalities regarding taxation, We advice you to consult a Professional Chartered Accountant who can look into your individual accounts and get the taxation requirements completed as per the laws.

      Reply
  • June 25, 2016 at 2:19 AM
    Permalink

    *The comment is edited on request*

    Dear sir /madam

    I have received the below mentioned notice first time on 14th June 2016 by post.
    The notice have dated 16/10/2015

    SUB: NON FILING OF INCOME TAX RETURN-REG.

    FINANCIAL YEAR 2012-2013 ASSESSMENT YEAR 2013-14

    Compliance Module on the e-filling portal at https://incometaxindiaefilling.gov.in
    Use the REGISTER YOURSELF
    2012-13
    STT-01 ,STT-02 , STT-03

    Right now my age is 44, since July 2012 I’m a full time student.
    Now this time when my college final project is on my head this income tax notice I have to reply as priority on price the loss of my study.
    Now the question is about non -filling first I was totally unaware about this.
    In beginning of FY 2012 I have saving and support amount by family total of >> 2 lakh less than 3 lakh in my account and
    Some time I fix some amount in short term FD from 3 months to one year….and with some amount <> 2 lakh for study and living expenses

    IN 2013-14 very small three with profit around 300/- And Completly leave trading job before beginning of April 2013.
    So I decided myself to stop this way and priority focus on my study.so since august 2012 to update June 2016 I’m full time student.

    I have all trading documents, bank statement and student proof.

    Now in this current situation how I reply to this notice kindly help me…?

    Regards

    XYZ

    Reply
  • June 25, 2016 at 2:27 AM
    Permalink

    *The Comment was sent via email and is edited on request*

    errorr in post before so kindly add after 2 lakh expenses >> these lines :So for earning job in 2012-13 I was doing share trading through broker as full time speculation, day trading and short term delivery.
    In between I have start study full time and get admission in college July 2012.
    So around six months up to sept 2012 I have done equity trading and make loss more than 20,000/- and same amount I lost in commodity trading ( sept 2012 to march 2013 ) so around more than 40000 forty thousand I make loss in FY 2012-13. And it’s shocking lesson to me and I stopped trading because I was thought for independent earning along with my study but I suffer big loss so I stopped before complete financial year 2012-13.

    I have no earning because no working so no taxable any income upto financial year 2015-2016 instead of this from a friend i have a loan in instalments since may 2014 to 2016 of rupees >> 2 lakh for study and living expenses

    XYZ

    Reply
    • June 25, 2016 at 12:40 PM
      Permalink

      Dear ……

      *We have edited your query and important points undisclosed.*

      We can understand the situation you are in right now. You can deal with the notice by stating them online your reason for non-filling of income tax return as we are not the only one getting the notices. IT department has send notices to almost 50 lacs for non-filling of return for assessment year 2014-15.

      As Income tax compliance is getting very strict these days so they are capturing information on financial transactions /activities relating to you through annual information return, tax deducted at source statements, banks, equity, mutual funds, etc and are sending notice for who do not file returns.

      Regarding Equities, IT department are filtering out the accounts who are participating in the capital market but not filling their tax returns under STT-01, STT-02, STT-03, STT-04, STT-05 and asking them to submit their response electronically under Compliance module. So, any individual who have made transactions in stocks under the below heads and have not filled tax returns are getting the tax notices
      – STT-01: Purchase of equity share in a recognised stock exchange
      – STT-02: Sale of equity Share (settled by actual delivery or transfer) in a recognised stock exchange
      – STT-03: Sale of equity Share (settled by otherwise than by the actual delivery or transfer) in a recognised stock exchange
      – STT-04: Sale of option in securities (derivative) in a recognised stock exchange
      – STT-05: Sale of Futures (derivative) in a recognised stock exchange

      Many of the traders we are connected with are getting notices for non-filling or wrong filling of income tax returns specially those day trading, short term trading and, trading F&O.

      So, if your income (including interest from salary or business / profession, saving account, FDs, and other sources) for the respective period was less than the tax slab then and you have received the notice, then you reply them on the official website and explain the reason for not filing return as you were below the minimum tax bracket. (Check attachment)

      It is advisable to file tax returns if you participate in equity markets and even filling of losses will help you set off your losses against profits in the next few years.
      So, ask your friends or relatives for any known certified professional chartered accountant or tax advisor and file the submission with help and ease for a very small fee as any incorrect submissions can lead to further notices from IT department. Carry all your bank statement, p&l statements, ledger report of your trading account and take the help of CA to take care of all technicalities of tax rules for your loans, interest income and trading activities.

      Also, as you have participated in the market earlier and had losses we request you to go through the various articles that we have written on our website to help new traders or investors get an edge on their trading by learning the art of trading. Trading is all about formulating rules for your trading plan & strategies, putting your strategies to test, trading on facts and strictly following your trading plan and strategies and keep on refining it to achieve your trading goals. Then you will be in a position to look at the nuggets all together.

      Once you are done with your tax filling, do visit the articles and start getting back to trading with new goals in mind but this time with pre planning and with rules for trading, capital management. We truly believe that learner and effortful people like you will surely have a reward full and better trading career. All the very best.

      Thanks

      JustTrading.in

      Reply
  • June 25, 2016 at 12:42 PM
    Permalink

    *The Comment was sent via email and is edited on request*

    Thank you for your warm help. I really like your website contents the articles which you write so informative and knowledge able. For beginners and people like me have lesson after loss because of unaware in that situation your website is helping to many people.
    Kindly keep this spirit of help.

    Sir /madam
    I request if you provide me contact number of expert to handle share trader case CA OR TAX consultant in Delhi for filling in my case .
    It will be great.

    Regards

    XYZ

    Reply
    • June 25, 2016 at 1:05 PM
      Permalink

      Dear ….

      We are in talk for tie up with some Chartered Account Company to help our users file and take care of their tax returns for equities. So, you can check online to locate a practicing CA near by your area or ask some friend for reference. As mostly all CAs file income tax returns for clients. They can easily guide you, take care of the notice from income tax and file your future tax returns.

      Also, Thanks a ton for sharing your wonderful thoughts. We are really happy to hear the positive outcomes of our heart full efforts. Motivating words always inspire us to share more amazing articles. Will ensure writing & sharing more amazing work.

      You’r Awesome. Cheers…

      Thanks

      JustTrading.in

      Reply
  • June 27, 2016 at 12:46 PM
    Permalink

    *The Comment was sent via email and is edited on request*

    hello Just trading team,

    kindly guide me ?

    can you guide me about turnover term consider at time of tax assessment or account maintain.FY 2012-13

    the turnover in brokerage report is 1,43,09814 rupees

    the turnover in STT certificate for NSE is 7403885

    the turnover in STT certificate BSE is Rs 33850.

    in statement of capital gain/loss buy turnover 7176898.36

    n statement of capital gain/loss sell turnover 7166780.60

    what is Turnover figure here for consider at Income tax dept capital gain purpose ?

    kindly guide me why and how these differences comes.

    Thanks
    XYZ

    Reply
    • June 27, 2016 at 12:49 PM
      Permalink

      Dear ******

      To calculate the capital gains, you have to make a distinction of your speculative transactions (intraday trades), short term trades (Within one year) or long term trades (More than 365 days) & non speculative trades (F&O).

      To know the capital gains on your transactions, you can ask your broker to provide you with the short term, long term capital gain or loss reports, ledger and F&O profit and loss statement. As it needs to be calculated script wise and not according to the total turnover of transaction you did within the year.

      You can refer to the article Tax Guide for Traders in India again to understand the whole taxation mechanism.

      Turnover is generally calculated to know whether a trade needs an audit or not? And also by turnover it means the addition of the settlement profits and losses combined together.

      Reply
  • June 27, 2016 at 12:51 PM
    Permalink

    *The Comment was sent via email and is edited on request*

    hello Just trading,

    without hesitate is my next question is for clarity and guidance from you

    i have turnover >> 1 crore but capital loss statement of rupees > > 10000 in equity then 25000 loss in commodity trading in FY 2012-13 and same year i have changed career direction become full time student so left the trading. And i have no taxable income upto FY 2015-16. since last four years i m living on small saving for continue study and living expenses.so how i reply this notice kindly help me.when i have lost of Rs 35 to 40000/- and no taxable income.

    Is still after four years this time in 2016 july can i fill return for loss in FY 2012-13 AY 2013-14 and carried forward loss? when i already left trading but not closed demat and broker account. i need CA or just my self register and fill reply of IT notice STT-01,02,03 for non filling. kindly guide me !

    XYZ

    Reply
    • June 27, 2016 at 12:52 PM
      Permalink

      Dear ******

      To get the benefit of the carry forward of losses, the same needs to be disclosed in the tax returns in the same year before the last date.
      As you are new to this, we recommend you to consult a chartered accountant who can take care of all the technicalities of filling the tax returns and this notice also. Incorrect submissions can lead to further notices from IT department it is better to take help of a CA as they will charge you a very small fees for this. Also, the CA can help and guide you regarding all the loans and interest payments and income you have generated during the last few years and also for the future tax fillings.

      Do carry all the bank statements, ledger, short term long term and F&O profit & loss statements of your trading account.

      Reply
  • July 15, 2016 at 7:00 AM
    Permalink

    Dear Sir,
    I started trading in AY 2013-14. As I am retired and did trading online, I did not claim expenses. IT officer during assessment quoted ITR rule 8D. He said and amount equal to 0.5% of total value of investment, will be added to taxable income. As in F&O transactions, the turnover is large (not margin or profit/loss), it is adding huge tax liability. Kindly advise.

    Reply
  • August 3, 2016 at 10:45 AM
    Permalink

    Dear Sir

    I am a retired person availing pension under taxable limit. If I do only delivery base trading with short term gains and if the no of trades are about 15 per month, then can I use ITR2 for filing return ? i do not have any other income.
    Prasad

    Reply
    • August 4, 2016 at 9:44 PM
      Permalink

      Dear Mr. Prasad

      Ministry of Finance has published a new circular in Feb 2016 which states that the trader if chooses so, can declare in the income tax returns all the profits arising from selling the shares whether they are from day trading, short term trading or long term trading as Business income.
      Also, if chooses so, can declare the profits from his long term investments as capital gains, but he has to be consistent while declaring the same in tax returns in the subsequent years.
      Therefore, the income tax laws allows you to declare your long term profits as capital gains but same has to declared in the similar fashion in the subsequent years and all your short term trading as your business income.

      Refer Article Income from Equity Trading – Business Income or Capital Gains? And circular here

      Reply
      • August 8, 2016 at 2:36 PM
        Permalink

        Dear Sir
        Thank you very much for the reply. I will be thankful if you can kindly clarify my doubt little further. If all my trades are delivery based for which both side STT is paid and if I do not carryout any day trading then can I file my return in ITR2 and pay applicable tax for short term capital gain irrespective of number of trades.

        Reply
        • August 8, 2016 at 8:16 PM
          Permalink

          Dear Shri Raghu Sir

          We can understand the confusion you are into regarding your filing of capital gains as our tax laws are still unclear on these many aspects.
          But recently as we shared earlier, Ministry of Finance has clarified that now traders can declare their all trading income as business income and get it taxed as per their tax slabs and long term as tax free. Following this will not be put under any kind of dispute by the income tax officer. But still unclear whether we can show it as capital gains if we are trading in F&O, day trading or actively trading.

          Because there are other factors that the accessing officer might consider Frequency of Trading, Primary Source of Income, and Consistency of Declaring Self in Subsequent Tax Returns as discussed in the article Income from Equity Trading – Business Income or Capital Gains?.

          Like if your primary source of income is trading or you trade very frequently or sometimes you declare your short term gains as capital gains while sometimes as business income in tax returns then he may put a dispute.

          But, still the most important thing here is to stay consistent in filing your tax returns. So, if you do short term and long term trading and not indulging in F&O or intraday, then remain consistent in showing your short term gains as short term capital gains and long term as long term capital gains.

          Reply
          • August 9, 2016 at 4:38 PM
            Permalink

            Dear Sir

            Thank you for the clarification. As my primary income is NOT from Trading, I will show my short term gains as short term capital gains and long term as long term capital gains in ITR2 CONSISTANTLY.

            Thank you very much for the support

          • August 9, 2016 at 10:07 PM
            Permalink

            Dear Shri Raghu Sir

            We are happy to be of any help.
            Do consult some of your known Chartered Accountant or Tax Advisers. They can guide you as per your individual case so that you can dedicate your time on your trading and investing business. Also, stay updated with new changes in the tax filing rules.

            We wish you a profitable and successful trading ahead in the coming years. Also, do share your story or ideas that worked for you with other aspiring traders to help them in their trading journey that will be highlighted in our section My Story.
            It will be amazing to know your story and connect with a experienced person like you.

  • August 25, 2016 at 7:15 PM
    Permalink

    Dear Sir,
    I am new to stocks. If I were to declare myself as trader and pay income tax as per my tax slab, can this be done by March. Is advance tax necessary and will it cause any problems? I have no idea how much I might invest, trade, gain or loss. So how does advance tax work?

    Reply
    • August 25, 2016 at 7:35 PM
      Permalink

      Dearest Bala

      As per our tax laws, any business income earned in India will attract the tax to be paid in advance as – 30% by 15th September, 60% by 15th December, and 100% by 15th March.
      This is very simple to calculate and pay if we talk of business income which is assured. But the issue comes with the business income or capital gains from trading as the income which was positive say till end of 15th September may turn out to be less if the trader incur losses in the subsequent months. The net income at the end of the month may be less or even negative.

      So, you can pay advance tax by Sept 15th for what was earned till that period and you can make the balance tax payment by March 15th. So if you have booked profit from stocks, you can pay advance tax only on that profit.

      Also, if you have paid more tax than what was supposed to be paid as per your total business income for the financial year, you can claim a tax refund.
      And yes, not paying may have a penalty of 12% annualized interest for the period by which it was delayed.

      You can visit Advance Tax Calculator on Income tax Department website to calculate the tax to be paid.

      Thatswhy we always suggest our traders community to consult a chartered accountant or a tax advisers as they can file your tax returns as per the laws and which will make you free from all the worries of the complexity of tax rules so that you can focus on your trading.

      Reply
      • August 27, 2016 at 8:34 AM
        Permalink

        Thank you for the advice Sir.

        If my earning till Sep was NIL and I choose to trade after SEP and earn say Rs.2,00,000/- profit by March. As per the rules I have to pay 30% advance tax by Sep, which amounts to Rs.6000/- (assuming overall tax liability is Rs.20,000/-) But I would have paid NIL tax in Sep because I haven’t started my trading business yet. How does Income tax account for this? Will there still be a penalty?

        Reply
        • August 27, 2016 at 5:32 PM
          Permalink

          Dear Bala

          Need to clarify that from the Chartered Accountant how they treat this.. You pointed out right that if income is not there till September and at the end of the year you ended up making money (which may happen with many traders) then how we are supposed to pay advance tax in September installment…
          Let me share the query with my CA and let`s see what she has to say for this..
          BTW Good question, some work for my CA :)

          Reply

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