Sir, all Future & Options transactions, day trading in shares are really business income as like other business income & avail all the set-off facility ? can I get exemption of brokerage, STT, & service tax paid or trasportation , depriciation of vechile benifit etc? if I have profit, then can I do the set-off of 1) short term loss & f&O profit or 2) f&O loss and day drading profit & short term gain 3) if i have profit Rs. 1 lakh in F&O, day trading & short term gain each ( Rs 3lakhs total ) & i have no any other income then what will be my tax liability ? If I want to pay tax now ( Jul 07 )of last Fin. year then where to pay ? & will it charge any penalty ? interest if any ?Please clarify the doubts . -- suresh

Sir, all Future & Options transactions, day trading in shares are really business income as like other business income & avail all the set-off facility ? can I get exemption of brokerage, STT, & service tax paid or trasportation , depriciation of vechile benifit etc? if I have profit, then can I do the set-off of 1) short term loss & f&O profit or 2) f&O loss and day drading profit & short term gain 3) if i have profit Rs. 1 lakh in F&O, day trading & short term gain each ( Rs 3lakhs total ) & i have no any other income then what will be my tax liability ? If I want to pay tax now ( Jul 07 )of last Fin. year then where to pay ? & will it charge any penalty ? interest if any ?Please clarify the doubts . -- urvesh