TRADING IN SHARES
This query is : Resolved
18 August 2008
i trad in shares in previous accounting year 2007-08, my purchase amount around 34,00,000 and sales value around 39,33,000 rs. i recive STT paid certificate on rs. around 67,00,000 value of transction. can i liable for audit ? can i show it as a bussiness income or short term capital gain ? for income tax return which form ITR-1,2,3,4, ?.
19 August 2008
If you are doing intraday or F&O then you turnover will be net profit or gain. if your net profit of gain is more then Rs. 40 lakh then you need to audit your accounts. and you need to file return in ITR 4 .
If you taking delivery then it will be part of your capital gain or loss. and in this case also section 44AF for audit doesn't apply.
If you taking delivery then it will be part of your capital gain or loss. and in this case also section 44AF for audit doesn't apply.
20 August 2008
THANK YOU.
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
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
