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Audit u/s 44AB of the I. T. Act, Income Tax |
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Audit u/s 44AB of the I. T. Act |
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One of my client is dealing in shares. However, he is doing his share transactions on delivery basis, intraday basis and f&O basis. So, for the sack of consideration of turnover for the purpose of audit u/s 44AB of the IT Act, how the turnover is considered for all the above mentioned three types of transactions. Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
Delivery based transactions would be taken into consideration based on sale and purchase prices while non delivery based transactions would be based on difference prices for the purpose of turnover.
The delivery based transactions should be taxed as capital gains(short term or long term). However if the turnover is high then the ITO may even bring the same under PGBP. The intraday transactions shall be treated as speculative transactions and the net Sales shall be the turnover. For the purpose of F & O transactions the net total of all the gains and losses shall be taken as turnover.
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