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income tax scrutiny

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lalit jalan

job

22 Points Posted on 14 December 2009

I have a query regarding scrutiny U/s 143(3) that I have filed return for A.Y-2007-08 showing my shares trading income as capital gain income, now the ITO wants to treat the income as business income,I want to confirm that can I claim business expenses against such business income,as obviously such expenses could not have been claimed against capital gain income at the time of filing of return?

If yes, then is there any procedure to claim it ?

plz reply immediately

Replies (1)

veena

Practice Manager

239 Points Posted on 14 December 2009

In case of business income u can claim expenditure. For share trading u can claim expenditure relating to computer terminals, internet expenses, depreciation on computer, electricity, printing if there is any paper work, demat account fees, reg fees, service tax , stamp duty and brokerage charges.