TaxTMI 
TaxTMI 
TAX AUDIT
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....AX AUDIT<br> Query (Issue) Started By: - malhar shenoy Dated:- 8-9-2011 Last Reply Date:- 9-9-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>Is Tax Audit compulsory for person Trading in Shares ? Sh....
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....ares 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 support....
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....ing 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 Earning....
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....s 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.<br> Discussion Forum - Knowledge Sharing ....