Hi, consider a person 'X'. 'X' suffered loss of Rs. 6.7 lacs due to intraday and delivery based trading in F.Y 14-15. He got his activities audited by a C.A and submitted his return. In F.Y 15-16, he only did trading (intraday and delivery) for a week as he ran out of money by 8 th April, 2015. He received Rs. 3,60,000 as his PF from which he bought shares but held them up to end F.Y. This P.F amount will be taxable as he left his job before 5 years. 'X' has no other income in this F.Y as he was unemployed. My question is whether 'X' is liable to get an audit in F.Y 15-16 too because he did trading for a week. The turnover of this trading was 1.6 lacs and gain made was Rs 23. Thanks.
CAclubindia
