Please tell me that how much income tax we have to pay on share trading& is it detucted on every tradingonline

No income tax will be deducted from shares trading. The tax collected by the broker is only transaction tax.

If you treat your shares transactions as Trading (Your Business), then you have to show it under the head "Income from Business / Profession". Your total income in this financial year 2007-08 including the gains from your shares exceeds *Tax free limit, then you have to pay tax as per slabs.

* Tax free amount= For Male Rs.1,10,000, For Female Rs.1,45,000, For Senior Citizens (Male or female >65 years) Rs.1,95,000 per year.

If you treat the shares income as trading, then the transaction tax paid by you at the time of buying and selling can be claimed as tax paid by you.

http://www.thehindubusinessline.com/iw/2...

income tax is not deducted on line . u have to calutalate your profits, calculate the income tax payable and depsit the tax with government. if is is day trading, then the income from day trading gets added to your other income and taxed accordingly. If it is short term capital gain , then u pay 10 % of the profits as tax and if the gain in long term then no tax at all.

There are no deduction on share transaction. Only transaction tax.

Income tax is a tax paid to the central government on personal income. According to Income Tax Act 1961, every person who is an assessee [an Assessee is a person by whom any tax or any other sum of money (eg. interest, penalty, fine, etc) is payable under the Income Tax Act] and whose total income exceeds the maximum exemption limit shall be chargeable to the income tax at the rate prescribed in the Finance Act.

Filing of Income Tax Returns (ITR) is a legal obligation of every person whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T. Act, 1961. To file your Income Tax returns, you need to submit ITRs. There are different ITRs to file your income returns, depending on your profession/business/property.

The following link gives as insight of which category of form you would require...

http://incometaxindia.gov.in/download_al...