Tax on intraday trading

Mr. Parminder,

You need to seprate your intra day transactions in F & O and in cash.

As your intraday cash transaction  will be treated as speculative transaction and net position at the end of the year will be speculation profit or loss. Base on that you need to pay tax if there is net profit.

F & O transaction will be treated as non speculaive and the net result at the end of the year will be treated as business profit or loss.

You need not pay tax on transactions on daily basis, but on the year end net results.

BUt you may require to get your accounts audited depending on your turnover u/s 44AB or  44AD>

What is the penality if audit is not avilable for F&O .

Can a reply be send directly if time is less to IT dept in case of a notice.