Please guide...
How to deal in such case where Assessee is Student
For F.Y. 2016-17
Accounting income
1,50,000
Share mkt intraday 25lakhs
profit 10'000
Delivery share 1,24,000
Capital gain 8,000
What buisness profession is to be declare?
Accounting income as business income
Share mkt intraday as speculative business profit
Share Delivery portion should be shown as business or capital gain
1. Accounting income as professional income
2. Share mkt intraday as Trading Business
3. Share Delivery portion should be shown as capital gain.
Intra day (trading) fall under speculative business........... Yes.
What code you will use while filing ITR?..... i.e. Trading (others)..........
In your case, even without minimum 6% profit........ tax audit u/s. 44AB is not applicable !!!
Thank You Sir
Most Welcome, Dear.....
CAclubindia
