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Tax audit - share business- - speculation

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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

CA. Deepak Narula

CA. Deepak Narula (Expert)

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.

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