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would I pay tax for my net profit or for gross profit? California

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  • would I pay tax for my net profit or for gross profit? California

    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?
    Arizona Payroll Services

  • #2
    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.

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    • #3
      Originally posted by cyjeff View Post
      You pay taxes on gross.

      Does the use of rupees indicate that the transaction happened in India?
      Since he is not talking about sales tax, your answer is incorrect.

      Income tax is paid on net profit, NOT gross profit.

      Comment

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