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TAX AUDIT IN CASE OF LOSS OF SPECULATIVE BUSINESS(LOSS OF INTRADAY TRADING) HAVING SALARY INCOME

Pawan Mittal (CA Final) (685 Points)

24 December 2020  

WHETHER MR. A IS LIABLE TO TAX AUIDT?

  1. HAVING LOSS OF RS. 40000 FROM INTRA DAY TRADING OF LISTIED SHARES  

AND

        2. HAVING SALARY INCOME OF RS. 700000

AND

  1. SHORT TERM CAPITAL GAIN ON SALE OF LAND OF RS. 300000
  2.  AS TURNOVER (INCLUDING ALL INCOME ) NOT MORE THAN RS. 1 CRORE?

 2 Replies

ayusmita (Tax consultant) (5810 Points)
Replied 24 December 2020

No tax audit required just file ITR3 normal way

MAHARAJA SELVA ESWAR (285 Points)
Replied 24 December 2020

No tax audit required if you have loss

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