Tax audit for intraday trading

CA Aakarsh Jain

CA

10436 Points Posted on 09 September 2022

Only brokerage is allowed as deduction.

Vijay Mohan

670 Points Posted on 09 September 2022

Whether tax audit applicable

CA Aakarsh Jain

CA

10436 Points Posted on 09 September 2022

If 95 % of receipts and 95 % of payments are not in cash then audit limit is 10 crore and hence audit is not required.

veerendar singh

tax consultant

3306 Points Posted on 09 September 2022

Both brokerage and stt will be allowed as deduction

Vishal Manakshe

299 Points Posted on 10 September 2022

All the expenses including STT and brokerage will be allowed as deduction.

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 10 September 2022

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

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 11 September 2022

All transfer expenses are allowed

Amit

CA Practice

107 Points Posted on 12 September 2022

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/

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47 Points Posted on 13 September 2022

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.