Share trading
i started share trading with investment of 20k only, but my daily sale and purchase is around 8-10 lacs. i want to know nature of my trading and is there tax audit is required in this case if my sale and purchase exceeds 1cr
That will be regarded as your turnover.
900 is the amount to be considered.
02. Sold 100 L&T 1560, bought @ 1580
2000 is the amount to be considered.
You can keep the record in EXCEL, with contract notes saved electronically.
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Please understand that this is a judgemental call. The act has NOT given it in a neat and tidy manner.
In fact there are LOT of controversies as to whether or NOT share trading should be considered as INVESTMENTs or BUSINESS.
The next in the line is, if it is business, then is it SPECULATIVE.
The answer given by me is based on the assumption that your share trading is SPECULATIVE in nature.
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