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EQUITY SHARE INTRADAY IS BUSINESS PROFIT OR CAPITAL GAIN

This query is : Resolved 
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(Querist)
27 March 2020 I AM TRADING IN EQUITY SHARE FOR FY 19-20. I AM NOT TRADING FOR INVESTMENT PURPOSE.
IN THIS YEAR I AM PURCHEASE @RS.6724913/- SHARES & SALES @RS.6580129/- TOTAL LOSS IS @RS.144784/- & MY PROFESSIONAL INCOME IS 584000/-
1-CAN I SET OFF SHARE LOSS IN MY PROFESSIONAL INCOME - BECAUSE I AM TRADING ONLY
2- IF SHARE TRADING IS BUSINESS THAT TIME TAX AUDIT IS APPLICABLE BECAUSE TRADING PROFIT IS BELOW 8&
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 March 2020 1 Intra day trading is speculative so set off not possible with other sources. Can be carried forward and set off against such income.
2 It's business income hence tax audit applicable.
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Spurto Consultancy Services

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Spurto Consultancy Services (Expert)
28 March 2020 1. Speculative business loss cannot be set off with any other head of income.
2. Tax audit will be applicable.
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