13 November 2013
Yes. What I meant to say is that you have to do total on day to day basis.
For eg: if you made 1000 intra day gain and 6000 intra day then your turnover shall be 7000. However, if you just made 1000 intra day loss for 5 days, the turnover shall be 5000.
So the overall loss will be the same, but turnover can be different.
it doesn't matter whether tax audit applies or not. Income tax department has the right to scrutinize any return. Therefore it is required that all the transactions are reviewed before filing the return.
Possible impact are penalty implications and additional tax levy.
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