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Profit from Share Market

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(Querist)
01 May 2008 A person engaged on full time basis in trading of Shares i.e purchase and selling of shares only, shoud file ITR for business income or for Short/Long term capital gains? Need he to get tax audit u/s 44AB as his yearly transactions will be much more than Rs 40 lakhs.?
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Jitender

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Jitender (Expert)
01 May 2008 if u are doing trading then it is your business income & not capital gain income.
audit is required u/s 44AB.
& u should file ITR.
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varun gupta

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varun gupta (Querist)
01 May 2008 Thanks Jitender,But Plz can u make it clear that the tax rates will be as for Individual for Income from Business or profession?
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
01 May 2008 income from business if carries by indivdual then tax rate is applicable

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