My wife has started stock trading this year and she has no other income besides some interest income from Govt bonds
She normally buys share and keep them for 7-10 days before selling them off.
I have below queries/confirmation 1) She is NRI, meaning section 44AD would not be applicable to her. So no presumptive income case applicable, is this correct? 2) Tax filing would be under normal business case and tax audit would be required over 10cr turonver, since all receipts are in digital form. Is this correct? 3) Book keeping - accounting books would be required to be kept, if turnover exceeds 25 Lacs. Is this correct? 4) Stocks unsold on 31st March - will they be carried in inventory at cost or lower of cost/market value? 5) Since trading would entail only buying and selling stocks, no expenses envisaged against the same, would keeping digital contract notes or Broker reports of sale purchase be sufficient for the purpose of book keeping?
Thanks a lot for your patience in reading above and replying to my queries
CAclubindia
