in case of share market intraday trading , is there any ceiling limit for tax audit u/s 44AB ?
VIkash Mangal
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 29 March 2010
No, There IS No Celing Limit........
If U Show UR Self as Trader Then ...44AB is Applicable....i.e 40Lacs.....
But If U show as Investor.......
Then 44AB Not Applicable.........
Raj Patel
(C.A + C.S.)
(174 Points)
Replied 29 March 2010
if i show ur self as trader then hw 44AB is Applicable? bcz we can trade easily in a week for Rs 40 lac. and 44AB is Applicable if i trade in a Future & Option? Reply Urgently
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 29 March 2010
44AB is Applicable if U Show It a Speculative Business Trader or Nonspeculative i.e F & O.
If Transaction Goes to Up 40Lacs.....
Better to Show as Investor...........
CAclubindia
