i am trading in share market and my turnover is morethan 1croe whether i attarct tax audit .
i have loss only all are intraday or short term loss so what i will show whether short term capital loss or hat
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Tax audit
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Just calculate turnover of Transactions in which you have taken delivery of share. Turnover of delivery based transactions shall be considered while checking limit of Rs 1 Crore for Tax Audit. Intraday Transactions, F & O Transactoin, Forward Contracts transactions in Commodity Markets in which delivery is not taken are not considered in 1 Crore Turnover.
This loss from Speculative transactions is Speculation loss.
Short term loss occurs in case you have bought shares as investment purpose, taken delivery and then sold them.
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