For share trading

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2012 In last finacial year 2011-2012 i started share trading with an amout of rs 10000/-
In the last of that finacial year my total purchase and sale of shares is rs 21600000/-
Because my net margine is 5 times of my Investment.
ie 10000 * 5 = 50000 per day
And also my net profit is only 152000/- at 2011-2012.All are day trading(Intraday )
is necessary to file income tax ?
if yes what shuld be my income tax amount?

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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08 May 2012 If you have any other income, which aggregated with the income from share trading exceeds the basic exemption limit, then you need to file the Income Tax Return. Else, there is no need.

Further, if the aggregate of modular values of profit and loss exceeds Rs. 60 lakhs, then you need to get the books of accounts audited u/s 44AD. e.g. if the total of profit was Rs. 35 lakhs and total of loss (only mod value, ie ignoring negative sign) was Rs. 30 lakhs, then the total exceeds Rs. 60 lakhs. In this case, audit is compulsory.