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Regarding Tax Audit
One of my friend done intraday share trading(Speculative) above Rs. 2 cr in the year 2018-2019 and generated loss. Is it necessary to tax audit this file ?
Replies (4)
For need to see the difference of purchase and sale for finding out whether Tax audit Is applicable for speculation profit or loss or not..
Samrat
turnover for the purpose of speculation is absolute value of diferences from buy and sell.
if this exceeds 2 cr tax audit applicable. however there ia a different view even loss is declared and he has any other taxable income then tax is applicable
Thank you
You can also write to me at sthayin @ gmail for further assistance
turnover for the purpose of speculation is absolute value of diferences from buy and sell.
if this exceeds 2 cr tax audit applicable. however there ia a different view even loss is declared and he has any other taxable income then tax is applicable
Thank you
You can also write to me at sthayin @ gmail for further assistance
Ok sir.. I had a confusion, now I am clear about it. Thanks both of you for your valuable suggestion.
Here the turnover being aggregate of differences of buy and sell value and when such turnover exceeds ONE crore, tax audit under 44AB is applicable.
(here the criteria for tax audit is turnover limit and not net profit or net loss as income.
(here the criteria for tax audit is turnover limit and not net profit or net loss as income.
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