Audit limit for Intraday Share trading
Tapas Samadder (538 Points)
07 April 2023
Sir, Pls. explain audit limit for intraday share trading, have also salary of Rs 10 lacs gross.
1 Replies
Radhey Shyam Jha
(Student)
(1621 Points)
Replied 07 April 2023
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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