Turnover audit

veru

veru

New Member
#1
#1
I started share trading from august 2009, with a capital of rs 5 lakh only. I suffered a net loss of rs 20,000. But due to frequent buy & sell, my TURNOVER in CASH segment exceeds more than Rs 80 LAKHS till today. Do I have to get it Audited, is it mandatory ?
 
nac

nac

Well-Known Member
#2
#2
D

deepakji

Member
#3
#3
veru said:
I started share trading from august 2009, with a capital of rs 5 lakh only. I suffered a net loss of rs 20,000. But due to frequent buy & sell, my TURNOVER in CASH segment exceeds more than Rs 80 LAKHS till today. Do I have to get it Audited, is it mandatory ?
Click to expand...
You are a speculator ,Why a TaxAudit?
 
H

HVINODCO

New Member
#5
#5
The audit is not required if the it is investment . But if it is business income and the loss can be set off against any other Income then Audit is required. Also the Loss on investment would be Capital gain loss to be set off against capital income only
 
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