44AB for Speculative business - dealing in shares
This query is : Resolved
01 October 2009
Hi everybody,
I wanted to know whether speculative business of dealing in shares comes under the purview of the Tax Audit u/s. 44AB of the Income Tax Act, 1961.
Arvind
I wanted to know whether speculative business of dealing in shares comes under the purview of the Tax Audit u/s. 44AB of the Income Tax Act, 1961.
Arvind
Aditya Maheshwari
(Expert)
01 October 2009
Yes if profit + loss exceeds Rs. 40 lakhs during the year.
Turnover in case of speculative transactions is considered as profit + loss.
Turnover in case of speculative transactions is considered as profit + loss.
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