Plz tell me the solution of the following Question:
"If intraday trading exceeds Rs.40 lacs, is it liable to Tax Audit u/s 44AB of Income Tax Act, 1961?
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Shares Intra Day Trading
Replies (3)
In case of intra day trading turnover for tax audit is considered as the sum of positive and negative differences i. e. sum of profit + loss.
For eg: if you have profit of Rs. 25 lacs and loss of Rs. 20 lacs in day trading then turnover will be considered as Rs. 45 lacs and liable for audit u/s 44AB.
AGREED WITH MR ADITYA
IN CASE OF JOBBING
TAKE THE DIFF ONLY NOT THE AMOUNT OF PURCHASE & SALE
yes agreed with above reply
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