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SHARE TRADING LOSS

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07 October 2020 ASSESSEE HAVING TURNOVER MORE THAN 12 CRORE IN NORMAL BUSINESS AND HIS BOOKS ARE SUBJECT TO AUDIT IN F.Y.19-20. HE ALSO TRADE IN DERIVATIVES (INTRADAY) IN WHICH PURCHASE AND SALE OF SHARES ARE OF RS. 58 CRORE AND SUM TOTAL OF PROFIT AND LOSS TRANSACTION IS 20.00 LAC . I WANT TO KNOW 1. WHETHER HIS SHARES BUSINESS WILL ALSO BE AUDITED. HIS ACTUAL LOSS IS 3 LAC FROM SHARE BUSINESS. 2. OR WE CAN SHOW IT AS SPECULATION BUSINESS AND SHOW 1.20 LAC AS PROFIT IN ITR (6% ON 20.00 LAC). PLEASE SUGGEST
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 October 2020 His shares business has to be audited. Show it as speculation business. 44AD not applicable for speculation business.
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