1 - Profit or loss on shares are treated as short term capital gain / Loss or treat as business profit / loss.
2 - In daily transaction of shares turnover treated i.e. sales amount or purchases amount or difference between purchases and sales amount. Is it compalsory for TYax audit.
Prem
It depends upon the nature of the transaction.If the person is carrying on shares transactions as bussiness then it will be taxable as business profit/loss.
IF IT THE REGULAR BUSINESS OF THE ASSESSEE- THAN BUSINESS INCOME
OTHERVISE CAPITAL GAIN
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