RAJ KUMAR (FINANCE MANAGER) (1393 Points)
09 March 2013HELLO FRIENDS, MY CLENT IS A SHOPKEEPER DURING THE PREVIOUS YEAR HE DOES THE SHARE TRADING AND HE HAS THE STATEMENT OF KAOTAK SECURITIES WHICH SHOWS HIS POSITION TOTAL PURCHASE VALUE 35,00,000 TOTAL SALES VALUE 36,50,000 PROFIT -1,50,000 I AM LITTLE BIT CONFUSED IN ITR WHAT I SHOW, IS THIS A SHORT TERM CAPITAL GAIN OR BUSINESS.
PLS. HELP ME THANKS.
shikhar
(LEARNER )
(1394 Points)
Replied 09 March 2013
heloo friend....
friend both the option are available for the client...............
your have to decide, in which option less tax should be levi to the client........
calculate tax from both options and choose the least one.......,,,,
THANK YOU
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 09 March 2013
THANKS. BUT I WANT TO ASK ONE MORE THING IF SALE PROCEEDS MORE THAN 60 LAKH THEN IF I SHOW BUSINESS THEN AUDIT IS REQUIRED AND IF I SHOW CAPITAL GAIN THEN NO AUDIT IS REQUIRED.
PLS. REPLY.
shikhar
(LEARNER )
(1394 Points)
Replied 10 March 2013
yes raj............................. audit is required if turnover exceeds 60 lakh, in business and profession;
thank you
CAclubindia
