Shares daily trading (forward trading)
This query is : Resolved
27 July 2012
Dear Members
An Assessee doing Share Farward Trading during the whole Fy-2011-12 He was Purchased and sold shares nearly 5 Crores at this situation He is Liable to get Audit his account u/s 44AB or Shaort Term Capital Gain and Speculation Business
He was Doing 5 Crores Purchase and Sales for the FY-2011-2012 and he is also loss Rs. 5 Lakhs
1.) 44AB Applicable
2.) Shaortterm Capital Gain/Loss
3.) Speculation Business Profit/Loss
Please tell which is applicale to him
Thanking you
An Assessee doing Share Farward Trading during the whole Fy-2011-12 He was Purchased and sold shares nearly 5 Crores at this situation He is Liable to get Audit his account u/s 44AB or Shaort Term Capital Gain and Speculation Business
He was Doing 5 Crores Purchase and Sales for the FY-2011-2012 and he is also loss Rs. 5 Lakhs
1.) 44AB Applicable
2.) Shaortterm Capital Gain/Loss
3.) Speculation Business Profit/Loss
Please tell which is applicale to him
Thanking you
Amol S Joglekar
(Expert)
27 July 2012
If the net value... MOD value as is called by the mathematitians....exceeds 60 Lakh, then tax audit is applicable
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