29 December 2010
Mr. A is not having any income but if he invest in shares & do investment and Intraday say more then Rs. 60 Lakh p.a. then Tax Audit is applicable to him or not ? His Profit is treated as short term gain or business income ? He is to pay flat 30% tax or first claim Rs. 1.60 Lakh exemption & other deduction and on any balance he is to pay tax according to slab. ?
CAclubindia
