Tax liability in case of a ca student?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2011 1.
Can a CA Student do Intraday trading through Demat accounts ?
Or permission of the institute is required in case he is presently doing the articleship ?
2.
And further if an individual is having so many intraday transactions dutring the financial year and have no other income have to file ITR 4 or ITR 1. Further, whether any permission is required to do intraday trading from Stock exchange to do as regular business ?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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08 December 2011 For Investment No Permission Required.
Can do Intraday as Much. No Such Limit.
File ITR - 2, Showing Capital Gain.

No Permission Required.

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2011 Further will it be shown as Speculative business or an investment as because it is short term capital gain or loss has arisen ?

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CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Expert)
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13 December 2011 Yes, the same will be considered as speculative business and you can show it as short term capital gain or loss in ITR - 4.

If the student wants to do that business, then permission of the ICAI is required if he is doing the same in the course of office hours of the Article Ship otherwise he can do so with the prior permission of the Principal (CA).

Thanks,
CA M Sreenivasa Rao.