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About stock trading

This query is : Resolved 

If only business of shares trading (full Time) in all segment (FNO+Intraday+Delivery base trading i.e. Short term) taken as business income, but and if some sell of shares after one year as a different portfolio only that can I take as long term capital gain or loss ?

Second Question is If Turnover in Stock trading business only is 99,50,000/- and profit is less than 6% i.e. 3,95,000/- greater than basic exemption limit which is not chargeable tax and total transaction is digitally electronic mode (100 % ) but in past years never opted section 44AD as presumptive income ,so please know will need tax audit by CA ?

1. Yes.
2. Not needed.

Dear Sir, How it is and please clarify in details. If do not audit, can receive notice from IT department ?

If section 44AD(4) not attracted, then as per sec 44AB(1), tax audit not required if turnover in PY is below 1 Cr.

I confused that is sec. 44ad(4) not attracted means profit is greater than 6% but in this case profit is less than 6% than will tax audit complusary ?

As such the maintaining books of account is mandatory in this case, but audit not applicable, as sec. 44AD(4) not attracted.

So please sir, tell about Sec.44AB (e) in details

If Section 44AD(4) w.r.t. sec 44AD(5) gets attracted, the the assessee need to get his books of accounts audited u/s. 44AB(e) of the act.



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