Audit of accounts for stock traders
Querist : Anonymous
My total turnover(intrady cash+delivery+FNO) in stock trading in AY 2011-12 was around 15 Lac rupees. On the whole I made a loss of around Rs.10,000(20000 profit on delivery trades, 30000 loss in intraday) in stock trading.
I was told that if your profits are less than 8% of the turnover or you made loss, than you have to get the audit done.
My toal income for the year(rental from house property+bank interest) was around 1 lac, 20 thousands, hence below taxable income.
Was I wrong in not getting the audit done ?
If so what could be the consequences ?
Thanks in advance
Querist : Anonymous
Which ITR form is to be filed in the above case ?
Querist : Anonymous
Sir if number of transactions or frequency is very high, will it be considered as business ?
If considered business, will maintaining of books of accounts and getting audit done will be necessary even if total income for the year is only Rs. 1 lac 20 thousands ?
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