Yes, but you can avoid it by offering 6% profit over the intraday turnover...
Agreed. No problem with respect to STCL, but intraday loss, with gross total income (Rs. 3,39,000/- being above BEL)........ triggers tax audit u/s. 44AB.......
Intraday turnover (see note) upto 10 lakhs transaction cannot be treated as occassional trade or investment. so either choose audit or pay tax over 6% profit margin i.e profit of 60000/- & (at 10% slab rate for AY 2017-18) just additional 6K tax......
(Note: For all speculative transactions, aggregate or absolute sum of both positive and negative differences from trades is to be considered as a turnover.)
Thank You Sir, What form should i use 3 or 4
ITR 3 for AY 2017-18.
Sir Please check the bellow details
| Tradewise Turnover Statement for ALL-EQ from 01/04/2017 to 31/03/2018 | |||
| Total turnover | |||
| Total tradewise intraday turnover | 4580.15 | ||
| Total tradewise shortterm turnover | 18955.30 | ||
| Total tradewise longterm turnover | 0.00 | ||
Aggarwal Sarawagi and Co
New Delhi
CA
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CAclubindia
