Intra day share turnover calculation
This query is : Resolved
sidambaraselvan
(Querist)
06 December 2013
I am the beginner in Intra Day Share trading.
Kindly guide me in the following area
If the profit is 10,000/= and loss is 3,500/=. then in this case whether my turnover is 13,500/= or 6,500/=
If my turnover is 13,500/= then whether I can treat this 13,500/= as Speculative Business Income as the amount is generated from Intra day share trading.
Then is it possible for me to show only 8% or the actual amount of the total turn over by way of intraday share transaction income as my business income
Kindly guide me in the following area
If the profit is 10,000/= and loss is 3,500/=. then in this case whether my turnover is 13,500/= or 6,500/=
If my turnover is 13,500/= then whether I can treat this 13,500/= as Speculative Business Income as the amount is generated from Intra day share trading.
Then is it possible for me to show only 8% or the actual amount of the total turn over by way of intraday share transaction income as my business income
06 December 2013
YOUR INCOME IS NET RS.6500 FOR INCOME TAX ALSO.
IT WILL BE YOUR BUSINESS INCOME AND 8% U/S 44AD IS NOT AVAILABLE IN CASE OF SPECULATIVE BUSINESS.
IT WILL BE YOUR BUSINESS INCOME AND 8% U/S 44AD IS NOT AVAILABLE IN CASE OF SPECULATIVE BUSINESS.
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