Audit limit for Intraday Share trading
Tapas Samadder (536 Points)
07 April 2023
Sir, Pls. explain audit limit for intraday share trading, have also salary of Rs 10 lacs gross.
1 Replies
Radhey Shyam Jha
(Student)
(1616 Points)
Replied 07 April 2023
If your intraday turnover is up to INR 2 crore then
Case 1: if your profit is at least 6% of trading turnover: tax audit shall not be applicable
Case 2: if your profit or loss is less than 6% of trading turnover: tax audit is applicable if your total income is more than the basic exemption limit i.e. INR 2.5 lakhs
Case 1: if your profit is at least 6% of trading turnover: tax audit shall not be applicable
Case 2: if your profit or loss is less than 6% of trading turnover: tax audit is applicable if your total income is more than the basic exemption limit i.e. INR 2.5 lakhs
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
