Tax audit is reuired or not

This query is : Resolved

N K GARG (Querist)
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17 October 2014 hii.
1.) in current year i had traded in share market and make a turnover greater than 1 crore rs.
is it required to file income tax return with tax audit or not.
i.e
should i liable for tax audit or not.]

2.)if yes. but i donot want to file my tax audit report tell me the correct solution

can i show it in capital gain head or not.

i am requlary traded in share market daily
and take share on delivery but next day i sell it.

so tell me . what i will do

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 October 2014 if you have done speculative trading/F&O, then tax audit is applicable.

N K GARG

N K GARG (Querist)
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17 October 2014 I done both speculation and also delivery but bt my speculation turnover is just around 1000000 for yr

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 October 2014 if the turnover is less than 1 cr, then check for 44AD application. where profit declared is less than 8%, tax audit will apply.

N K GARG

N K GARG (Querist)
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17 October 2014 My turnover in delivery base is 1 crore or more and profit is 50000
And turover in speculation is 1000000 and intraday profit is 10000
Can I show 50000 as stcg under 111a

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 October 2014 you are a CA...isn't it obvious to you that delivery based trades shall be covered under capital gains>??

with regards to speculative trades, tax audit will apply at profit is less than 8%.