Share trading profit or loss
This query is : Resolved
19 February 2008
In share trading, can we treat intraday profit or loss as capital gain.
If we treat this as Business income then how can we calculate the turnover for the purpose of tax audit?
If we treat this as Business income then how can we calculate the turnover for the purpose of tax audit?
20 February 2008
Yes if there is intra day profit/loss it is short term capital gain/loss but if anyone wants to treat his income as buisness income than aggregate of profit and loss incurred shall be the turnover for the purposes of 44AB
Eg. profit 1000000 and loss 3000000 than the assessee shall be liable for tax audit u/s 44AB .
Eg. profit 1000000 and loss 3000000 than the assessee shall be liable for tax audit u/s 44AB .
20 February 2008
Intra Day is Speculation Gain/ Loss as there was no delievery at all. It can be treated as business income only if the shares buy are for trading purpose
20 February 2008
Saurabh/Kirti
Thanks 4 ur suggestion.
I think thak Kirti is right because we dont hav delivery in intraday trading so we cant treat profit/loss as a capital gain/loss.
but Saurabh ur advise is also informative related to U/s 44AB.
Thanks.
Thanks 4 ur suggestion.
I think thak Kirti is right because we dont hav delivery in intraday trading so we cant treat profit/loss as a capital gain/loss.
but Saurabh ur advise is also informative related to U/s 44AB.
Thanks.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
