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Tax Audit

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(Querist)
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
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CA Madhu Soodan Tapuriah

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CA Madhu Soodan Tapuriah (Expert)
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.
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