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Intraday loss in shares in income tax return

manoj (student) (5205 Points)

16 July 2018

One of my client has loss from intraday so when I am filling his return a warning appears that profit is less than 8 % assessee should go for audit plz suggest me remedy

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177721 Points)
Replied 16 July 2018

Yes, its 'Eligible Business' as per sec. 44AD.

If aggregate income of assessee (before any deductions) exceed BEL... tax audit mandatory.

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manoj (student) (5205 Points)
Replied 16 July 2018

then sir what is remedy as it is intraday

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177721 Points)
Replied 16 July 2018

1. 6% minimum profit for Intra Day TurnOver

Or...... 2. Loss to the extent....... that aggregate of all the incomes falls below BEL .....

Or. .....3. Audit of Intraday business.......

manoj (student) (5205 Points)
Replied 16 July 2018

please elaborate point 2

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177721 Points)
Replied 16 July 2018

Income from all other heads..... including 'Salary'......... alongwith adjustment of business loss. as per its eligibility under the act.......if is below 2.50 lakhs, for <60 yrs age or < 3 lakhs for sr. ctzn..... then no need for audit u/s. 44AB.