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Share trading business itr
If i am frequently buying and selling shares intraday and shortterm if i file itr3 do i need to show all transaction in itr or only profit in Itr
Replies (16)
Quick Summary
File ITR 3 and show the respective profit or loss arises from such Intraday trading
Do i need to disclose each and every transaction or only profit or loss
Only profit and loss make sure with others also
Does it require tax audit or not
Yes tax audit is required
Tax audit required in what case
For Intraday trading tax audit if done it will be better
Intraday is required to be shown as business income. Tax audit is required only in case if turnover is more than 1crore.
Short term gain or loss required to be shown in capital gain head.
You generate the report of intraday transactions and capital gain report from your Dmat account.
I will advice you to file your return with CA, so that your return will be filed properly.
Short term gain or loss required to be shown in capital gain head.
You generate the report of intraday transactions and capital gain report from your Dmat account.
I will advice you to file your return with CA, so that your return will be filed properly.
Intraday turover calculation will be profit and loss amount am i right
Yes,
First convert loss into positive as if it was never a loss,
then sum up the profits and loss(in positive).
The total shall be considered as Turnover.
I think, intraday will be considered as Speculative business, and if your Turnover exceeds 1cr, tax audit is required.
First convert loss into positive as if it was never a loss,
then sum up the profits and loss(in positive).
The total shall be considered as Turnover.
I think, intraday will be considered as Speculative business, and if your Turnover exceeds 1cr, tax audit is required.
Yes if profit or loss exceeds 1 crores rupees then Tax audit is required
Does tax audit applicable on short term and long term trading also
If Short term/Long term holdings are considered as Capital Gain, then no need of Tax audit irrespective of turnover.
If such holdings are considered as Business, then Tax audit is required, subject to Turnover of Rs 1crore
If such holdings are considered as Business, then Tax audit is required, subject to Turnover of Rs 1crore
Ok than if i consider intraday trading as speculation gain from business and short/long term trading as capital gain than tax audit is not required if turnover not exceed above 1crore in intraday trading. am i right sir
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