Speculation Profit
This query is : Resolved
04 January 2011
Dear All
I AM PRACTICING FOR FILLING IT RETURNS, ONE OF MY CLIENT HAVE DONE SHARE TRANSACTATIONS AND HE MADE RS.27154 AS SPECULATION PROFIT AND TURNOVER IS RS.1.2 CR IN A YEAR,SO PLEASE ADVISE THAT WEATHER HE REQUIRES TO DO AUDIT FOR THIS OR I HAVE TO SHOW RS.27154/- AS SPECULATION PROFIT ONLY IN ITR4.
Regards
PREMAL PATEL
I AM PRACTICING FOR FILLING IT RETURNS, ONE OF MY CLIENT HAVE DONE SHARE TRANSACTATIONS AND HE MADE RS.27154 AS SPECULATION PROFIT AND TURNOVER IS RS.1.2 CR IN A YEAR,SO PLEASE ADVISE THAT WEATHER HE REQUIRES TO DO AUDIT FOR THIS OR I HAVE TO SHOW RS.27154/- AS SPECULATION PROFIT ONLY IN ITR4.
Regards
PREMAL PATEL
Aditya Maheshwari
(Expert)
04 January 2011
In case of intra day trading turnover is calculated as profit + loss. If the same exceeds Rs. 40 (now 60) lakhs then he is liable for audit u/s 44AB.
In case of delivery trade the turnover is sales figure.
In case of delivery trade the turnover is sales figure.
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