Intra trading loss how to treat it ? Turn over is more than 40 lakh ? whethee it can be treated as stc loss or business loss?
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capital loss or buisiness loss
Replies (4)
Speculative Business Loss
it will be considered to be business loss, speculative in nature.
Intraday margin losses can be only setoff against intraday margin profits , as they are speculative in nature . 44AB (tax audit ) applicable if t/o exceeds 40 lakhs.The high volume of share transactions in a short period means the intention was business and not capital gain .The total of favourable and unfavourable differences is to be taken as turnover.(turnover = profits in intraday trading + losses in intraday trading ) , if total exceeds 40 lakhs , 44AB is attracted
business loss
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