ICAI Act, 1949

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binal salot (Querist)
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25 March 2011 hello,

Its urgent as 31st is near about

Can anybody clarify that whether CA in full time practice can show income from share transaction as Business profits in books for income tax purpose. The share transaction are of the nature of short term investments and not future and options?

Thanks in advance

sai swaroop munaga

sai swaroop munaga (Expert)
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25 March 2011 Generally , the income form the Tarding Activbity should be shown as Short term capital gains but not the Professional Income, So, Dont show it as Business Profits.