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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS on purchase of under construction property from a reseller
- Non filing of I T Returns
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
