Share farward trading

Dear Members

An Assessee doing Share Farward Trading during the whole Fy-2011-12 He was Purchased and sold shares nearly 5 Crores at this situation He is Liable to get Audit his account u/s 44AB or Shaort Term Capital Gain and Speculation Business

He was Doing 5 Crores Purchase and Sales for the FY-2011-2012 and he is also loss Rs. 5 Lakhs

1.) 44AB Applicable

2.) Shaortterm Capital Gain/Loss

3.) Speculation Business Profit/Loss

Please tell which is applicale to him

Thanking you

 

 

 

Replies (3)
It is taxable under the head of Pgbp. . . .
And if sum of total pofit and loss is more then 60 lakh then sec 44AB will apply otherwise it will not apply.
For example- total gain from f&o trading was rs. 30 lakh and loss was rs. 35 lakh then total of both comes to 65 Lakh i.e. Tax audit will applicabe here. . . .

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