INTRADAY TURNOVER ABOVE 40 LKH AUDIT NECESSARY

its a speculation profit/gain.

& taxable under head PGBP.

if any nominal amount is there, then many assessee practice to show it as other income.......

if this cross 40 lacs.then according. to act/law.this is a business income.

& liable to tax audit...

but see....i suggest u to take it as other source income......

& show it as investment.......

later we will see what AO says......

No audit is not required for intraday TO of crossing 40 L.

I think, Its ur net p/l that has to be considered for audit.

No Mr.Dipen is wrong and i dont completely agree with the advise of Mr.Ayush.I would suggest you to get your accounts audited and declare ur income from such transaction under income from business or profession.Let not any AO take any action against you.