Hello,
Last financial year, I have entered into following transactions in shares in intraday as well as normal shares trades.
Total turnover as per Futures only Equity/cash segment only
Contract notes
| Total | 1457260. | 787128. | 670132. |
Loss 92963 131135.
Further I had STCG Loss of Rs.3709 and LTCG gains of Rs.187083/- from sale of unlisted shares.
I would like to know whether the aggregate of above transactions attracts tax audit of books of accounts, since, I have a doubt about the insertion of of clause with regard to applicability of tax audit in case of loss or profit earnings of 8% of total turnover..
In a nut shell , I would like to know, whether profit/loss of 8%, if incurred, attracts Tax audit,irrespective of turn over, as in my above case, the loss incurred is around 15% of total turnover of Rs.1457260/-
Thanking you,
Prahalad.