What is the definition of Turnover for the purpose of Tax Audit u/s 44AB in following cases:
1) Shares traded intra-day (without delivery)
2) Shares traded delivery based (sold within a year)
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Turnover u/s44AB in Shares tradings
Replies (3)
Members please correct me if I am wrong :
- Share trading without delivery is classified as speculative trading and hence comes under the head PGBP, this turnover is classified as turnover for the purposes of 44AB
-Share trading with delivery to be calculated as per 111A and 112 under the head Capital Gains, this is not to be counted for calculating turnover under 44AB.
| Originally posted by : Dhruv | ||
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Members please correct me if I am wrong : - Share trading without delivery is classified as speculative trading and hence comes under the head PGBP, this turnover is classified as turnover for the purposes of 44AB -Share trading with delivery to be calculated as per 111A and 112 under the head Capital Gains, this is not to be counted for calculating turnover under 44AB. |
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answer given by Dhruv is very correct...
case 1:covered in 43(5)- only the difference b/w buy price & sell price taken for 44AB & in pgbp head
case2 : since its a delivery base transactions hence these r classifiable as stcg/ltcg under cg head..
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