Profit from Share Market
This query is : Resolved
varun gupta
(Querist)
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.
varun gupta
(Querist)
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?
CA Hemant T Dewani
(Expert)
01 May 2008
income from business if carries by indivdual then tax rate is applicable
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