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Audit limit for Intraday Share trading
Sir, Pls. explain audit limit for intraday share trading, have also salary of Rs 10 lacs gross.
Replies (1)
If your intraday turnover is up to INR 2 crore then
Case 1: if your profit is at least 6% of trading turnover: tax audit shall not be applicable
Case 2: if your profit or loss is less than 6% of trading turnover: tax audit is applicable if your total income is more than the basic exemption limit i.e. INR 2.5 lakhs
Case 1: if your profit is at least 6% of trading turnover: tax audit shall not be applicable
Case 2: if your profit or loss is less than 6% of trading turnover: tax audit is applicable if your total income is more than the basic exemption limit i.e. INR 2.5 lakhs
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