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Treatment of loss from intraday trading

anuj agarwal (29 Points)

17 March 2021  
in case of intraday trading
1,00,000 Shares bought at 700 Each
and subsequently Sold for 600 Each on Same day
Will it be a speculative Business
what will be the turnover
Is their any requirement for audit

 3 Replies

SUSHANT BIDAYE (503 Points)
Replied 17 March 2021

It will be speculation business and turnover will be sales value i.e.rs. 7 crores.

in my opinion.

Kapadia Pravin (17209 Points)
Replied 18 March 2021

It is speculation loss. Turnover is differential amount that is 1 cr

SUSHANT BIDAYE (503 Points)
Replied 18 March 2021

Pravin sir, is there a circular/cbdt clarification for turnover as differetial amount ?

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