Tax audit is reuired or not

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N K GARG (Querist)

17 October 2014 hii.
1.) in current year i had traded in share market and make a turnover greater than 1 crore rs.
is it required to file income tax return with tax audit or not.
i.e
should i liable for tax audit or not.]

2.)if yes. but i donot want to file my tax audit report tell me the correct solution

can i show it in capital gain head or not.

i am requlary traded in share market daily
and take share on delivery but next day i sell it.

so tell me . what i will do

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 October 2014 if you have done speculative trading/F&O, then tax audit is applicable.

N K GARG

N K GARG (Querist)

17 October 2014 I done both speculation and also delivery but bt my speculation turnover is just around 1000000 for yr

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 October 2014 if the turnover is less than 1 cr, then check for 44AD application. where profit declared is less than 8%, tax audit will apply.

N K GARG

N K GARG (Querist)

17 October 2014 My turnover in delivery base is 1 crore or more and profit is 50000
And turover in speculation is 1000000 and intraday profit is 10000
Can I show 50000 as stcg under 111a

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 October 2014 you are a CA...isn't it obvious to you that delivery based trades shall be covered under capital gains>??

with regards to speculative trades, tax audit will apply at profit is less than 8%.

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