Turnover in case of intraday share trading business
This query is : Resolved
10 April 2010
If an assessee is doing intraday share trading then what constitute its turnover to decide liability u/s 44AB of the income tax act :
(1) Net Profit or loss
(2) Aggregate total of purchase plus sale on the particular day or
(3) Sales of shares only
(1) Net Profit or loss
(2) Aggregate total of purchase plus sale on the particular day or
(3) Sales of shares only
10 April 2010
FOR intraday share trading constitute its turnover to decide liability u/s 44AB of the income tax act is as per net Profit or loss for the year
10 April 2010
I WANT TO ASK SAHU JI IF A FIRM'S PURCHASE AND SALE OF SHARES IS IN CRORES BUT PROFIT IS LESS THAN 40 LACS, THE 44AB APPLICABLE OR NOT??
10 April 2010
NOT REQUIRE TAX AUDIT U/S 44AB IF INTRADAY SALE PURCHASE CROSS 40LACS
10 April 2010
THANKS.
10 April 2010
YOUR WELCOME SIR,
04 May 2010
I just want to understand, in this reply that for limits undersection 44AB we need to consider the net profit of the asessee not the turnover?, if yes then what happen to an assesee who has turnover of huge amounts and taxable losses
04 May 2010
BOTH PROFIT AND LOSS TO BE CONSIDERED FOR TAX AUDIT LIMIT. I.E. PROFIT + LOSS FROM SUCH TRANSACTIONS.
EVEN IF THERE IS ONLY LOSS WHICH EXCEEDS 40 LACS TAX AUDIT IS NECESSARY.
EVEN IF THERE IS ONLY LOSS WHICH EXCEEDS 40 LACS TAX AUDIT IS NECESSARY.
04 May 2010
AGREE WITH SANJAYJI,
DAY TO DAY PROFIT OR LOSS COUNT FOR TURNOVER
DAY TO DAY PROFIT OR LOSS COUNT FOR TURNOVER
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