Tax Audit
This query is : Resolved
16 March 2011
Suppose i do one intraday Transaction in of Rs. 1 Crore Purchase and 1 Crore Sales (In Share Market),
Shall Tax audit applicable to me for my above Transaction, as it cross Limit
Shall Tax audit applicable to me for my above Transaction, as it cross Limit
19 March 2011
you are saying that the nature of the transaction is "intra-day"
let me answer assuming
you have bought 1000 shares of a company say A Ltd on o1.01.2011 through a broker say X & Co
you have sold all these 1000 shares of A ltd on the same day on 01.01.2011 through same broker.
if that is the case then the transaction shall be deemed to speculative in nature in nature. here purchase & sale of limit of Rs one crore for the purpose of tax audit is irrelevant. you need not to go for tax audit.only the difference between purchase & sale amount shall be taken for the purpose of speculation profit or loss provided assumptions are satisfied.
let me answer assuming
you have bought 1000 shares of a company say A Ltd on o1.01.2011 through a broker say X & Co
you have sold all these 1000 shares of A ltd on the same day on 01.01.2011 through same broker.
if that is the case then the transaction shall be deemed to speculative in nature in nature. here purchase & sale of limit of Rs one crore for the purpose of tax audit is irrelevant. you need not to go for tax audit.only the difference between purchase & sale amount shall be taken for the purpose of speculation profit or loss provided assumptions are satisfied.
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