Tax Audit For Speculation Trading
This query is : Resolved
23 March 2009
Dear Experts ,
I have client who is in heavy intra day trading in Shares .
Past Financial Year his total inter day purchase sale has execeeded Rs.40 Lakhs
.. Is he liable for Tax Audit u/s44AB..
I Have kept his return pending for this reason ... Please Reply
I have client who is in heavy intra day trading in Shares .
Past Financial Year his total inter day purchase sale has execeeded Rs.40 Lakhs
.. Is he liable for Tax Audit u/s44AB..
I Have kept his return pending for this reason ... Please Reply
23 March 2009
For margin trading (share which are purchased during the day and sold same day) - only profit /loss will be treated as turnover.
For share purchased today and sold tomorrow - the sales price will be treated as turnover.
If you will apply above method, I don't think there is a need for Tax Audit.
On the same time, tax audit returns last date was 30.09.2008, now you will incur huge penalties.
For share purchased today and sold tomorrow - the sales price will be treated as turnover.
If you will apply above method, I don't think there is a need for Tax Audit.
On the same time, tax audit returns last date was 30.09.2008, now you will incur huge penalties.
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