I want to know what will be the tax treatment in respect of

1) Profit / Loss from trading in Shares
2) Profit /Loss from Investment on regular basis in Share
3) Profit /Loss from speculation through F & O segment of Shares.

PROFIT / LOSS FROM TRADING IN SHARES (INTRADAY TRADING)

Facts are as under :

a) I do trading in shares on daily basis, if I purchase shares of Rs. 1,00,000 and sells the same for Rs. 1,05,000 on daily basis and earns a profit of Rs. 5,000/- daily, then during the full year, (say 2009-10)

Total Purchase Value is 260.00 lacs say
Total Sales Value is 273.00 lacs say
So,Total Profit 13.00 lacs

Whether this is to be shown under the head income from Business and Profession ?
Whether the sale and purchase values are to shown ?
Whether Tax audit is required as the volume crosses 40.00 lacs ?
Whether can I show it as income from Other sources ?


PROFIT / LOSS FROM INVESTMENT IN SHARES (DELIVERY BASIS)

Facts are as under :

Day -1 = Purchase shares of Rs. 1,00,000
Day-2 = Purchase shares of Rs. 1,50,000
Day -3 = Purchase shares of Rs. 2,00,000
Day-4 = Sale of Shares acquired on Day-1 for Rs. 1,05,000
Day-5 = Sale of Shares acquired on Day-2 for Rs. 1,55,000
Day-6 = Sale of Shares acquired on Day-3 for Rs. 2,10,000
Similarly during the full year delivery transaction are carried out making a large volume for example

Total Purchase value of the year 200.00 lacs
Total Sale Value for the the year 225.00 lacs
Thus, a profit of Rs. 25.00 lacs

Whether this profit will be considered as Short tem Capital Gain ?
Whether this also will be treated as Income from Business & Profession ?
Whether Tax Audit is required for this ?

PROFIT / LOSS FROM INVESTMENT IN SHARES (F & O)

Facts are as under :

I carried out the F & O transactions for full year 2009-10
If I earned a profit from this operation of Rs. 5.00 lacs

Whether this is to be shown under the head income from Business and Profession ?
Whether the sale and purchase values are to shown ?
Whether Tax audit is required as the volume crosses 40.00 lacs ?
Whether can I show it as income from Other sources ?
How to calculate the volume under F & O segment ?


I will be thankful to you if necessary attention is given to the above.

I request for expert opinion on TDS recovery on Ocean Freight.

1. Though there are several opinions, there is no clarity on this issue.

2.Is there any case law on the TDS deduction on Ocean Freight paid to Shipping agents. Though it is a reimbursement to Indian Shipping agents as we are reimbursing in INR, kindly advise me about the TDS provisions.

3. Is the freight and other charges paying to Container Corporation of India is effecting the TDS provisions.

4. On Railway freight, we have to deduct the TDS or not.

Kindly give the expert advise on the above matters.

Best Regards

Gouri Sankar T

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dear all
while going through module i did not understand the given sentence
"if inherent & control risk is low then auditor can reduce his audit risk to acceptable low level"

please explain if possible with example.

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dear all

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in exam which sention to mention????