security transection tax

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C.A Chirag (Querist)
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26 June 2011 My father engaged in intra day trading whether security transection tax claimed as business expenditure? and under which head intra day profit/loss should be shown in income tax return also I want to know how to calculate audit limit in intra day trading means whether total t/o or Profit+ loss cosider for audit limit?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 June 2011 In case of a trader in Shares, STT can be claimed as an expense like service tax and other share transaction expenses.

If the net result of intra-day is loss/profit, show it as speculation loss/profit in the return of income under the head PGBP.

Please note that in case in trading if there is a loss, it can be set off against speculation profit but when situation is reversed set off is not allowed.

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