Tax Audit u/s 44AB is require if the Assessee has done Intraday-(Speculative) transaction

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Tax Audit u/s 44AB is require if the Assessee has done Intraday-(Speculative) transaction

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....ax Audit u/s 44AB is require if the Assessee has done Intraday-(Speculative) transaction Query (Issue) Started By: - Haresh Raithatha Dated:- 15-6-2016 Last Reply Date:- 21-6-2016 Income Tax Go....

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....t 1 Reply Income Tax Dear Freinds One of my client (who is an Employment in MNC) has carried out Share market transaction and his turn over intra day for the Finacial year 13-14 in equity marke....

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....t Was ₹ 15.50 crore and Net result of the Transaction is ₹ 1.50 lac Profit. Is he liable to get his account audited u/s 44AB...Assessing officee is insisting to impose penalty U/S 271 B.......

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.... Please advise and give some relevant case laws.... Regards Haresh Reply By Ganeshan Kalyani: The Reply: Sir, provison states Business or Professional turnover as a condition for getting audit do....

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....ne. Whether speculation in shares amounts to business or Professional ? Discussion Forum - Knowledge Sharing ....

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Tax Audit u/s 44AB is require if the Assessee has done Intraday-(Speculative) transaction