Comment on Taxation for Traders - Introduction

Nithin Kamath commented on 24 May 2014, 01:08 AM

Shiva in your example, Intraday equity trading is considered speculative and delivery based equity comes under the long term/short term head. The profits you make under the long term/short term doesn’t come under business income so there is no need of an audit, if you are above or below the 8% mark(it wouldn’t matter). Intraday is considered speculative business, so your turnover is Rs 1000 and profit Rs 1000, so you will not need an audit.

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