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

Statutory Audit 395 views 2 replies
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CA Final
711 Points Posted on 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?
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On 24 December 2020 at 17:51 Report
Replies (2)
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Tax consultant
5895 Points Posted on 24 December 2020
No tax audit required just file ITR3 normal way
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On 24 December 2020 at 19:43
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285 Points Posted on 24 December 2020
No tax audit required if you have loss
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On 24 December 2020 at 21:00


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