my client doing intra day trading and F&O TRADING. His gross turnover below 10 crores.
all transactions are through banking channel.
He has speculation income 12 lakhs.
whether brokerage and STT Paid will be allowed as deduction
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Tax audit for intraday trading
Replies (10)
Quick Summary
Only brokerage is allowed as deduction.
Whether tax audit applicable
If 95 % of receipts and 95 % of payments are not in cash then audit limit is 10 crore and hence audit is not required.
Both brokerage and stt will be allowed as deduction
All the expenses including STT and brokerage will be allowed as deduction.
Brokerage and STT both will be allowed as deduction against respective gains.
Even other charges like turnover tax , Stamp duty , GST can also be claimed as exp unless GST is registered
Even other charges like turnover tax , Stamp duty , GST can also be claimed as exp unless GST is registered
All transfer expenses are allowed
What is the appllicability of Tax Audit with reference to clause (e) of Section 44AB ?
I am already running a business which has turonver of Rs.1.5cr(cash receipts crossed 5%) and I am also trading in F& O with turnover of Rs.70Lakhs do I need to get the audit done or is it posssible for me to declare the income on presumptive basis in both businesses/
Yes if you don't want to declare 8% profit . However if you declare 8% on business turnover and 6% on F & O turnover , you need not required to get audit.
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