more than 1cror share transaction is come under tax audit
This query is : Resolved
14 October 2016
dear sir,
please advice , my Clint are purchase and sale of share activity but he is not business person he is salary person he is free time purchase and sale the share . but his share statement as shown more than 3crore transaction. please advice any requirement in chartered accountant or not . this is coms under the tax audit or not.
14 October 2016
You need to file ITR4.
The income tax act says that if your turnover exceeds Rs 1 crore in a financial year, you have to get Tax audit done. But in this case to calculate turnover, sum up the value of your positive and negative trades. Say if you have a positive F&O trade of Rs 80,000 and negative trade of Rs 60,000, your income is Rs 20,000 but your turnover shall be Rs 1,40,000.
The income tax act says that if your turnover exceeds Rs 1 crore in a financial year, you have to get Tax audit done. But in this case to calculate turnover, sum up the value of your positive and negative trades. Say if you have a positive F&O trade of Rs 80,000 and negative trade of Rs 60,000, your income is Rs 20,000 but your turnover shall be Rs 1,40,000.
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