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Hi friends, I just need a solution about tax. I bought two bikes. First one I bought for rupees 20000 and sold for rupees 22000 and got rupees 2000 profit. Other one also I bought for same price but sold for rupees 19000 by rupees 1000 loss. So finally I gained rupees 1000 as net profit. If I would be a employee so would I pay tax for my net profit or for gross profit?
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You pay taxes on gross.
Does the use of rupees indicate that the transaction happened in India?Not everything that makes you mad, sad or uncomfortable is legally actionable.
I am not now nor ever was an attorney.
Any statements I make are based purely upon my personal experiences and research which may or may not be accurate in a court of law. -
Since he is not talking about sales tax, your answer is incorrect.Originally posted by cyjeff View Post
Income tax is paid on net profit, NOT gross profit.Comment
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