Rajiv nice as twice (Article assistant) (72 Points)
03 July 2010Plz Inform what would be the Treatment if a person do Intra-day trading in the stock market & his Aggregate Annual Turnover crosses 40 lakhs.Is he liable for Tax Audit U/s 44AB?
vikash rathi
(Chartered Accountant)
(787 Points)
Replied 03 July 2010
yes of course as it is from business but , for limit 40 lakh u have to consider profit nor transaction value (share value) as there is no transfer so only profit will be treated as revenue........................hope u r doubt is clear
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 04 July 2010
profit and loss should be added to see 40 lacs
vikash rathi
(Chartered Accountant)
(787 Points)
Replied 04 July 2010
ya agree with above loss will also be considereed
Raghavendra S S
(Accountans Manager)
(22 Points)
Replied 05 July 2010
CAclubindia
