Short term capital gains- share market

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2017 Hello Sir,

I am a software professional doing a job.
I do share trading as investor. short term and long term both.
If my short term turnover exceeds 1 crore i.e.
If my sell side transactions for short term exceeds 1 crore
is it mandatory that I need to undergo audit ?
Without audit, if I mention in my return, sell side turnover , cost of improvement, shares bought price
and profit and pay tax accordingly , will it be sufficient ?

please clarify.

regards,
s m

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

08 March 2017 As you are an investor Tax audit not applicable to you. Pay 15% tax on short term capital gain on sale of shares. Yes it is sufficient. What is the cost of improvement.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now