Tax Audit

This query is : Resolved 

16 March 2011 Suppose i do one intraday Transaction in of Rs. 1 Crore Purchase and 1 Crore Sales (In Share Market),
Shall Tax audit applicable to me for my above Transaction, as it cross Limit

19 March 2011 you are saying that the nature of the transaction is "intra-day"

let me answer assuming

you have bought 1000 shares of a company say A Ltd on o1.01.2011 through a broker say X & Co

you have sold all these 1000 shares of A ltd on the same day on 01.01.2011 through same broker.

if that is the case then the transaction shall be deemed to speculative in nature in nature. here purchase & sale of limit of Rs one crore for the purpose of tax audit is irrelevant. you need not to go for tax audit.only the difference between purchase & sale amount shall be taken for the purpose of speculation profit or loss provided assumptions are satisfied.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries