13 July 2019
Assessee is having Salary income and also has engaged in Intra day trading in shares (Speculative transaction). The details are as follows:- 1. Salary Income - Rs.6,50,000 2. Speculative transaction details:- Sale value - Rs.3,98,995, Purchase value - Rs.3,99,374. Speculative Loss - Rs.379. Turnover - Aggregate of the Positive and Negative difference - 2462. Turnover has not exceeded 1 crore. Turnover less than 1 crore and profit less than 6%. 1. Whether this transaction will be liable to Tax Audit on account of profit less than 6%? 2. Suppose the assessee is willing to declare 6% profit, then on which amount this 6% is to be calculated? Whether on Rs.3,98,995 or Rs.2462 (i.e aggregate of the Positive and Negative difference)
CAclubindia
