ICAI Act, 1949
This query is : Resolved
binal salot
(Querist)
25 March 2011
hello,
Its urgent as 31st is near about
Can anybody clarify that whether CA in full time practice can show income from share transaction as Business profits in books for income tax purpose. The share transaction are of the nature of short term investments and not future and options?
Thanks in advance
Its urgent as 31st is near about
Can anybody clarify that whether CA in full time practice can show income from share transaction as Business profits in books for income tax purpose. The share transaction are of the nature of short term investments and not future and options?
Thanks in advance
sai swaroop munaga
(Expert)
25 March 2011
Generally , the income form the Tarding Activbity should be shown as Short term capital gains but not the Professional Income, So, Dont show it as Business Profits.
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