Tax audit - share business- - speculation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2011
I do trading in shares. Most of the times I trade only intra day i.e. I buy in the morning and sell on the same day.
Dose turnover includes the sale value of all transactions ? or is it enough if I show the profit or loss as speculation profit or loss
Do I need to get my accounts audited by a CA ( if sale value is considered as turnover, then turnover exceeds 30 crores )
Its urgent
Thanks in advance
Dose turnover includes the sale value of all transactions ? or is it enough if I show the profit or loss as speculation profit or loss
Do I need to get my accounts audited by a CA ( if sale value is considered as turnover, then turnover exceeds 30 crores )
Its urgent
Thanks in advance
26 September 2011
in case of speculation trading, only difference between sale and purchase transactions is to be considered ignoring the minus(-) and total should be calculated. If it is more than 60 lakh then tax audit needs to be carried out.
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Rental income of jointly held property
- NRI INSURANCE ADVISOR
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
