We are in business of sale and pruchase of equity shares which are sold after holding less than one year. we want to treat the income as capital gains. so what is the liability of the tax audit and how the total turnover is calculated.
We are in business of sale and pruchase of equity shares which are sold after holding less than one year. we want to treat the income as capital gains. so what is the liability of the tax audit and how the total turnover is calculated.
So it becomes clear that if the share trading is treated as short term capital gains than no audit is needed and if treated as business that audit is needed.
Not able to locate article mentioned by Mr samir.
IF THE ERSON HAVING SPECULATION INCOME TOO THEN TAX AUDIT REQUIRED OR NOT
SSGS and Associates
Chennai
CA Inter
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