Income from share trading

Madav (Senior Consultant) (172 Points)

05 January 2015  

My client is a share trader in Future & option segment ..his total trading volume crossed 25 crore this year with around 8 lacs profit... should he classify his income as income from business and profession or can he take benefit of short term capital gain... his average holding time is 10 -15 days..

If it is going to be considered as income from business and profession  then does his income need to be audited?