TAX AUDIT

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..... TAX AUDIT
Query (Issue) Started By: - malhar shenoy Dated:- 8-9-2011 Last Reply Date:- 9-9-2011 Income Tax
Got 1 Reply
Income Tax
Is Tax Audit compulsory for person Trading in Shares ? S .....

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..... hares are bought by Demat & sold within a week time, So itension to hold the assets as investment cannot be established .Whether the same can be treated as Capital Gain ? If yes let me know the suppor .....

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..... ting case law , also please critically analyse the circular issued by CBDT. As per my view it is Business Income , what would be the Turnover for the same , as considering the Share Price as Turnover .....

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..... 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. So cost of compliance for Tax Audit would be more than the Earnin .....

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..... gs made on the Share Trading. Please consider any other aspects relating to this issue & reply. Reply By GOPALJI AGRAWAL: The Reply: Yes, the transactions would be considered in the business nature .....

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..... . For the purpose turnover calculation, you may refer guidance note on tax audit issued by ICAI.
Discussion Forum - Knowledge Sharing .....

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