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SHARE TRADING LOSS

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(Querist)
18 October 2020 ASSESSEE HAS NORMAL BUSINESS HAVING TURNOVER OF RS. 12 CRORE. HIS BOOKS ARE SUBJECT TO AUDIT. SALE OF SHARES 97 LAC AND 1.00 CRORE PURCHASE OF SHARES. TRADING IN DERIVATIVE INTRADAY 58 CRORE. SUM TOTAL OF PROFIT AND LOSS IS RS. 20 LAC AND ACTUAL LOSS FROM SHARES AND DERIVATIVE IS RS. 3.00 LAC. STT HAS BEEN PAID ON THESE TRANSACTIONS AND TRANSACTIONS ARE CARRIED OUT FROM RECOGNISED STOCK EXCHANGE.
QUERY- 1. WHETHER TAX AUDIT APPLICABLE FOR SHARE TRADING AND DERIVATIVE TRADING BUSINESS? 2. LOSS FROM DERIVATIVE AND SHARE TRADING ARE SPECULATIVE LOSS OR NON SPECULATIVE ? 3. HOW TO SHOW ABOVE TRANSACTIONS IN ITR. SHARE AND DERIVATIVE ARE NOT GOODS OR SERVICES AS PER INCOME TAX ACT. HOW TO REPORT IT IN PROFIT AND LOSS ACCOUNT.
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JYOTI GOEL

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JYOTI GOEL (Querist)
19 October 2020 PLEASE GIVE YOUR EXPERT OPINION ON THE ABOVE MATTER.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 September 2021 1. Yes.
2. Intraday is speculative, not others..
3. ITR 3 for total businesses along with audit report.
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JYOTI GOEL

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JYOTI GOEL (Querist)
04 October 2021 Thank you Sir for your opinion.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 October 2021 My Pleasure.....
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