25 July 2008
If any person has sales more than 40.00 lacs of shares and net profit from share trading below 40.00. Is a person needed tax audit. What is a defination of turnover if he calculate profit as business or capital gain.
25 July 2008
IF DAY TRADING TRANSCTION IS DONE THEN NET GAIN OR LOSS IS TAKEN ALL NET GAIN OR NET LOSSES TAKE TOGHETHER SAME IN FUTURE & OPTIONS IF YOU ARE BUYING & SELLING THROUH STOCK ECHANG THEN PURCHASE OR SALES WHICH ARE GREATER THAN FOURTY LAKHS IS TAKEN FOR TAX AUDIT IF YOU SALE ARE AFTER ONE YEARS & INVESTMENT IS MADE FOR LONG TERM THEN IT IS EXEMPT FROM TAX
25 July 2008
In case of delivery based transactions the normal sales or purchses shall be taken into account for analysing the limit for 44AB. For the purpose of determining the turnover for intraday trading(Jobbing) or in case of future and options , for the purpose of 44AB , based on the guidance note of ICAI , following items should be considered to constitute turnover • The total of positive and negative differences , plus • Premium received on sale of options is also to be included in turnover ,plus • In respect of any reverse trades entered, the difference thereon
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