BUSINESS INCOME OR CAPITAL GAIN
This query is : Resolved
08 October 2010
my client do trading in shares as well as investment in shares in daily basis,only at bse & nse at cash market and not in F & O on daily basis , more than 200 invoices are made per year....
how to do accounting for that for income tax purpose ?
PLEASE TELL ME URGENTLY WITH SUPPORTING CIRCULARS & NOTIFICATIONS & ALSO IF ANY SECTION RELATED TO THIS.
PLEASE EMAIL ME AT- viragshah.ca@gmail.com
THANK YOU VERY MUCH IN ADVANCE.........
how to do accounting for that for income tax purpose ?
PLEASE TELL ME URGENTLY WITH SUPPORTING CIRCULARS & NOTIFICATIONS & ALSO IF ANY SECTION RELATED TO THIS.
PLEASE EMAIL ME AT- viragshah.ca@gmail.com
THANK YOU VERY MUCH IN ADVANCE.........
08 October 2010
Please read curcular no. 4/2007 to solve your doubts. In my view looking in to the volume and frequency of transactions it could be considered as business income for income tax purpose.
20 October 2010
Intention at the time of purchase & voLume will determines whether its business income or capital gain
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