TAX AUDIT IN CASE OF LOSS OF SPECULATIVE BUSINESS(LOSS OF INTRADAY TRADING) HAVING SALARY INCOME

Pawan Mittal (CA Final)     24 December 2020

WHETHER MR. A IS LIABLE TO TAX AUIDT?

1. HAVING LOSS OF RS. 40000 FROM INTRA DAY TRADING OF LISTIED SHARES  

AND

        2. HAVING SALARY INCOME OF RS. 700000

AND

3. SHORT TERM CAPITAL GAIN ON SALE OF LAND OF RS. 300000
4.  AS TURNOVER (INCLUDING ALL INCOME ) NOT MORE THAN RS. 1 CRORE?