Tax audit on stcg
This query is : Resolved
30 August 2019
For financial year 2018-19, the sale value for short term capital gain is 80 lakhs, loss is 8 lakhs and speculation sale is 2 crores, profit is 1lakh. Do i need to do tax audit in this case? Do we need to mention speculation income separately?
CA R SEETHARAMAN
(Expert)
30 August 2019
What is the speculation sale.
30 August 2019
Sale value of equity shares in intraday in cash is 2 crores and purchase of shares in cash in intraday trading is 1 crore 99 lakhs, the profit is one lakh. Do I need to do tax audit in this case?
30 August 2019
Sale value of equity shares in intraday in cash is 2 crores and purchase of shares in cash in intraday trading is 1 crore 99 lakhs, the profit is one lakh. Do I need to do tax audit in this case?
CA R SEETHARAMAN
(Expert)
31 August 2019
In intra day trading turnover is aggregate of profit and loss. No tax audit if turnover is less than 1 crore.
31 August 2019
Should I show this intraday profit of 1lakh in capital gain or in business income?
CA R SEETHARAMAN
(Expert)
31 August 2019
It's speculative business income.
31 August 2019
To mention in P&L section in ITR 3, for example if in one intraday transaction I had a profit of 1 lakh and 20000 loss in another intraday transaction. What would be the turnover from speculative activity and gross profit in this case?
01 September 2019
For financial year 2018-19, sale value for short term capital is 80 lakhs and loss is 8 lakhs, I have shown it under the head capital gains in my return,can the assessing officer consider this as my business income ?
CA R SEETHARAMAN
(Expert)
01 September 2019
No, you have shown it under capital gains
CA R SEETHARAMAN
(Expert)
01 September 2019
Turnover 1,20,000 profit 80,000.
01 September 2019
I trade regularly delivery based twice or thrice every week in cash market in shares, can I show it in capital gains head in ITR?
CA R SEETHARAMAN
(Expert)
01 September 2019
Yes...................
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