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Is profit derived from intra-day subjected to audit

Tax queries 856 views 6 replies

Plz Inform what would be the Treatment if a person do Intra-day trading in the stock market & his Aggregate Annual Turnover crosses 40 lakhs.Is he liable for Tax  Audit  U/s 44AB?

Replies (6)

Yes

 

sunil

YES OF COURSE

yes of course as it is from business but , for limit 40 lakh u have to consider profit nor transaction value (share value) as there is no transfer so only profit will be treated as revenue........................hope u r doubt is clear  

profit and loss should be added to see 40 lacs

ya agree with above loss will also be considereed

yes. The total sales for the day to be comsidered.


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