Tax audit for intraday trading

[Vijay Mohan]

my client doing intra day trading and F&O TRADING. His gross turnover below 10 crores.
all transactions are through banking channel.
He has speculation income 12 lakhs.
whether brokerage and STT Paid will be allowed as deduction

[CA Aakarsh Jain]

Only brokerage is allowed as deduction.

[Vijay Mohan]

Whether tax audit applicable

[CA Aakarsh Jain]

If 95 % of receipts and 95 % of payments are not in cash then audit limit is 10 crore and hence audit is not required.

[veerendar singh]

Both brokerage and stt will be allowed as deduction

[Vishal Manakshe]

All the expenses including STT and brokerage will be allowed as deduction.

[Eswar Reddy S]

Brokerage and STT both will be allowed as deduction against respective gains.

Even other charges like turnover tax , Stamp duty , GST can also be claimed as exp unless GST is registered

[CA Rashmi Gandhi]

All transfer expenses are allowed

[Amit]

What is the appllicability of Tax Audit with reference to  clause (e) of  Section 44AB ?

[ISMAIL G.A]

I am already running a business which has turonver of Rs.1.5cr(cash receipts crossed 5%) and I am also trading in F& O with turnover of Rs.70Lakhs do I need to get the audit done or is it posssible for me  to declare the income on presumptive basis in both businesses/

 

[Share knowledge]

Yes if you don’t want to declare 8% profit . However if you declare 8% on business turnover and 6% on F & O turnover , you need not required to get audit.

[Author]

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