Audit u/s 44AB of the I. T. Act

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..... Audit u/s 44AB of the I. T. Act
Query (Issue) Started By: - Kishor Vishnu Dated:- 11-5-2010 Last Reply Date:- 14-5-2010 Income Tax
Got 2 Replies
Income Tax
One of my client is dealing in .....

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..... 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 .....

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..... the turnover is considered for all the above mentioned three types of transactions. Reply By GOPALJI AGRAWAL: The Reply: Delivery based transactions would be taken into consideration based on sale an .....

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..... d purchase prices while non delivery based transactions would be based on difference prices for the purpose of turnover. Reply By Anuj Gupta: The Reply: The delivery based transactions should be taxed .....

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..... 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 .....

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..... 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.
Discussion Forum - Knowledge Sharing .....

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