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| Discuss Tax Audit for share trading????? at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi :-) My equity/share trading sales turnover (not profit) is above 40 lakhs. Overall short ... |
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#1
15th November 2007, 10:00 PM
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Tax Audit for share trading?????
Hi :-)
My equity/share trading sales turnover (not profit) is above 40 lakhs. Overall short term profit from stock trading is 80000, profit from day trading is around 7000 and derivatives loss is 4000. is my account subject to tax audit?? I am having business of mfg. Well, what is criteria for tax audit for stock trading? my maximum transaction comprises of short term gain. regards anurag 
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#3
24th November 2007, 08:12 PM
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Re: Tax Audit for share trading?????
I am also in the same boat. Turnover crossed 40 lacs, all thanks to the volatility in markets. I panicked and sold and then repurchased, also tried to book profits sometimes. I've realized LOSS overall but have unrealized profit (at the pity of market). Subhash lakhotia tax advisor at CNBC AWAZ in Tax guru programme told that "TAX AUDIT IS MUST IF TURNOVER IS > 40 LACS. IT DOESNT MATTER U R IN PROFIT OR LOSS." Kindly update me if some latest information is available. It will help others also.
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#5
2nd December 2007, 08:02 PM
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Re: Tax Audit for share trading?????
I think mr. lakhotiya given the confusion reply. As per my konwoledge, the sum of profit & losses > 40 lakhs then Audit is copmulsory. It means 21 lakhs profit + 20 lakkhs loss results audit compulsary.But buing 1 lakhs shares 25 times & selling it 25 times if profit is 2 lakhs then it's not required.
I think U got it. 
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#6
7th December 2007, 05:51 PM
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Re: Tax Audit for share trading?????
sirs, i am a new member, though i am a learner in share trading , i submit to reply my view to answer this .please visit
http://www.icai.org/icairoot/publica...003revised.pdf please see page 15 , which gives some statutory information, since i am a new member , if the info i provided is not satisfactory, please educate me by good words-thanks
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#7
14th January 2008, 01:29 PM
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Re: Tax Audit for share trading?????
yes off course
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