Tax on intraday turnover
This query is : Resolved
22 March 2018
i am a bank official retd in 2016, i used to do intraday business and always on loss. now my auditor is saying there will be tax on intraday turnover. please guide me.because of allowing 5 day credit the ledger summation is 1crore above.
during the fin year 2016-17 the toal sales 44008675.50 and total purchases 44018349.31 and taxable income -9673 loss.
during the fin year 2016-17 the toal sales 44008675.50 and total purchases 44018349.31 and taxable income -9673 loss.
22 March 2018
No need to pay any tax on the loss.
22 March 2018
you might be required to do an audit (depending on the turnover) but definitely no tax payable as Seetharaman ji just stated above
22 March 2018
thank you seetharaman whether i have to show in my return this loss and is there in tax audit for this
22 March 2018
thank you seetharaman whether i have to show in my return this loss and is there in tax audit for this
22 March 2018
Yes you have to show the loss in return. Tax audit applicable if you're having taxable income.
22 March 2018
actually tax audit could also be applicable if the turnover exceeds the 44AB limit. The above data doesn't provide sufficient information to rule that out.
22 March 2018
WHAT IS THE CONSEQUENCES IF I WON'T SHOWN THE TRADING DETAILS IN MY RETURN , BECAUSE THERE IS NO INCOME
22 March 2018
Yes agreed with the above reply. Add loss and gains each day check whether it exceeds 1 crore, if it exceeds tax audit applicable.
22 March 2018
income-tax department already knows about these transactions. So risk of improper filings, misrepresentation, penalty in case audit was applicable etc etc
22 March 2018
WHAT IS TAX AUDIT WHO WILL DO IT. WILL IT COST ANY AMOUNT
22 March 2018
a practicing chartered accountant has to do it. Costs around 10-15 thousand on the least.
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