Sandip Kumar Das (206 Points)
13 March 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160721 Points)
Replied 13 March 2018
Yes, but you can avoid it by offering 6% profit over the intraday turnover...
Sandip Kumar Das
(206 Points)
Replied 13 March 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160721 Points)
Replied 13 March 2018
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.......
Sandip Kumar Das
(206 Points)
Replied 14 March 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160721 Points)
Replied 14 March 2018
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.)
Sandip Kumar Das
(206 Points)
Replied 14 March 2018
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 | ||
CAclubindia
