Maintenance of Accounts U/S 44AA of Income Tax Act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 June 2010
I am a pensioner drawn Rs.1.65 lacs towards Pension upto 31.03.2010.Since Nov. 2009 I started online share trading in my individual capacity. Total Sales turnover in my trading account remained as under:
1. Short Term Delivery based Sales 9.52 lacs.
2. F&O Segment 0.26 Lacs
3. Intraday share trading total sum of negative &
positive difference 2.23 lacs.
Please advice me whether it is mandatory for me to maintain accounts as required under section 44AA of Indian Income Tax Act. Whether I have to fill Part A-BS and Part A-PL of ITR 4
1. Short Term Delivery based Sales 9.52 lacs.
2. F&O Segment 0.26 Lacs
3. Intraday share trading total sum of negative &
positive difference 2.23 lacs.
Please advice me whether it is mandatory for me to maintain accounts as required under section 44AA of Indian Income Tax Act. Whether I have to fill Part A-BS and Part A-PL of ITR 4
Aditya Maheshwari
(Expert)
22 June 2010
If short term delivery is sale of shares and taken as business income then books of accounts to be maintained.
If short term delivery taxed under capital gains then books preparation not required.
If short term delivery taxed under capital gains then books preparation not required.
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