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.
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