Commadaty nd share mkt

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S.ABUSALI (Querist)
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19 October 2014 dear gr8 expert how to calculate sale on commadaty nd share it is calculated under the business total sale should be taken in calculation nd applicablity 44ab if the turnover more than 1c or it is calculated under short term capital gain

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 October 2014 for transactions not settled through delivery, the absolute difference between sales and purchase prize for each trade is considered as turnover.

such transactions are to be reported as business transactions only. if the turnover so calculated exceeds Rs 1 cr, the tax audit shall apply. Further where the turnover is less than 1 cr but the profit offered on the same is less than 8%, the audit shall still apply under clase (d) of section 44AB