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

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

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....hares. 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 t....

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....he 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 and....

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.... 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 t....

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....he 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.<br> Discussion Forum - Knowledge Sharing ....