Treatment of loss from intraday trading

This discussion clarifies that losses from intraday trading, where shares are bought and sold on the same day, are generally treated as a speculation business. The turnover is typically calculated based on the sales value, which in this case would be Rs. 7 crores. The conversation also raises a question about whether the turnover can be considered the differential amount and seeks clarification on any relevant circulars or CBDT guidelines.