Turnover in case of intraday share trading business
This query is : Resolved
PARIN SHAH
(Querist)
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
CA Ashok Kumar Sahu
(Expert)
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??
CA Ashok Kumar Sahu
(Expert)
10 April 2010
NOT REQUIRE TAX AUDIT U/S 44AB IF INTRADAY SALE PURCHASE CROSS 40LACS
10 April 2010
THANKS.
CA Ashok Kumar Sahu
(Expert)
10 April 2010
YOUR WELCOME SIR,
taxindiaconnect
(Expert)
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.
CA Ashok Kumar Sahu
(Expert)
04 May 2010
AGREE WITH SANJAYJI,
DAY TO DAY PROFIT OR LOSS COUNT FOR TURNOVER
DAY TO DAY PROFIT OR LOSS COUNT FOR TURNOVER
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
