Day Trading Income Treatment


16 June 2009  

An Indivudual is deriving his income from Salary, he is also into Day Trading of Shares in a recogonised stock exchange and during the previous year his transactions were approximately 80 Lakhs now my questions are :-

1. In which head The income from Day Trading will come (Capital Gain, Business income or Speculative Business income).

2.Is he liable to Tax Audit U/s 44AB.

3.What is the amount that we have to write in the AIR column of ITR (i.e amount of purchases or Sales).

4.Do we have to use ITR 4 in this case.