sagar gosai (Ca Final) (33 Points)
02 September 2017Please guide...
How to deal in such case where Assessee is Student
For F.Y. 2016-17
Accounting income
1,50,000
Share mkt intraday 25lakhs
profit 10'000
Delivery share 1,24,000
Capital gain 8,000
What buisness profession is to be declare?
Accounting income as business income
Share mkt intraday as speculative business profit
Share Delivery portion should be shown as business or capital gain
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179896 Points)
Replied 03 September 2017
1. Accounting income as professional income
2. Share mkt intraday as Trading Business
3. Share Delivery portion should be shown as capital gain.
sagar gosai
(Ca Final)
(33 Points)
Replied 03 September 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179896 Points)
Replied 03 September 2017
Intra day (trading) fall under speculative business........... Yes.
What code you will use while filing ITR?..... i.e. Trading (others)..........
In your case, even without minimum 6% profit........ tax audit u/s. 44AB is not applicable !!!
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179896 Points)
Replied 03 September 2017
Most Welcome, Dear.....
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 03 September 2017
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