Intra day share trading maintenance of accounts
This query is : Resolved
sidambaraselvan
(Querist)
14 March 2014
If an assessee is doing intraday share trading as business, then whether he should maintain books of accounts if his income from intraday share trading is less than Rs.1,20,000/= to show his intra day share trading income as business income.
If his Turnover (Profit + Loss) is Rs.80,000/= Then whether he can declare his intra day share trading income as 8% of the Turnover is Rs.6,400/=
In my context, an assessee's income is Rs.6,400/= Is it correct?
Kindly assist me. Thanks in advance.
If his Turnover (Profit + Loss) is Rs.80,000/= Then whether he can declare his intra day share trading income as 8% of the Turnover is Rs.6,400/=
In my context, an assessee's income is Rs.6,400/= Is it correct?
Kindly assist me. Thanks in advance.
Nikhil Kaushik
(Expert)
15 March 2014
if the whole turnover is less than 1.2 lakhs, then you have nothing to worry anyways. even if you show the whole of turnover as profit, you still remain out of tax brackets. plus, given that you get covered under 44AD, no need to maintain books.
sidambaraselvan
(Querist)
16 March 2014
Thanks Nikhil Kaushik
Nikhil Kaushik
(Expert)
16 March 2014
you are welcome sir....
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