Profit from Share Market
This query is : Resolved
01 May 2008
A person engaged on full time basis in trading of Shares i.e purchase and selling of shares only, shoud file ITR for business income or for Short/Long term capital gains? Need he to get tax audit u/s 44AB as his yearly transactions will be much more than Rs 40 lakhs.?
01 May 2008
if u are doing trading then it is your business income & not capital gain income.
audit is required u/s 44AB.
& u should file ITR.
audit is required u/s 44AB.
& u should file ITR.
01 May 2008
Thanks Jitender,But Plz can u make it clear that the tax rates will be as for Individual for Income from Business or profession?
01 May 2008
income from business if carries by indivdual then tax rate is applicable
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