Capital Gains
This query is : Resolved
Kawal Kishore Minocha
(Querist)
08 October 2007
Do the assessee having profit from Intra day trading from capital market need to get their accounts audited as the Intra day trading is to be treated as Business Income? If so, how to fill the form 3CD
sivasankar
(Expert)
08 October 2007
Hi,
If the income is from Futures and options then audit is needed only if income exceeds 40 lac.
But if intraday transactions by means of purchase and sale of physical shares then audit is needed if the Sale of such shares crosses 40 lacs.
In filling the form purchase of shares and sale will constitue the trading a/c apart from including the relevant expenses like brokerage,telephone or broad band charges,interest paid against margin etc.
If the income is from Futures and options then audit is needed only if income exceeds 40 lac.
But if intraday transactions by means of purchase and sale of physical shares then audit is needed if the Sale of such shares crosses 40 lacs.
In filling the form purchase of shares and sale will constitue the trading a/c apart from including the relevant expenses like brokerage,telephone or broad band charges,interest paid against margin etc.
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