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TMI BlogTAX AUDITX X X X Extracts X X X X X X X X Extracts X X X X ..... Is Tax Audit compulsory for person Trading in Shares ? Shares are bought by Demat sold within a week time, So itension to hold the assets as investment cannot be established .Whether the same c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an be treated as Capital Gain ? If yes let me know the supporting case law , also please critically analyse the circular issued by CBDT. As per my view it is Business Income , what would be the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urnover for the same , as considering the Share Price as Turnover it will definately be more than Rs 60 Lakhs. Or as per section 44 AD , it will not have a profit more than 8% of the total turnover. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... So cost of compliance for Tax Audit would be more than the Earnings made on the Share Trading. Please consider any other aspects relating to this issue reply. - Reply By GOPALJI AGRAWAL - The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply = Yes, the transactions would be considered in the business nature. For the purpose turnover calculation, you may refer guidance note on tax audit issued by ICAI. - TAX AUDIT - Query Starte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d By: - malhar shenoy Dated:- 8-9-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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