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Whether doing share trading besides your normal job legally permissible ? If yes then... Read full message

12.39 PM Nov 15th 2009 | Track

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Whether doing share trading besides your normal job legally permissible ? If yes then what are the tax implications for it ? Do I need to get an audit done if the share trading volume exceeds a paricular limit even though the profit may not be significant?

12.39 PM Nov 15th 2009

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subasu

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If you are a Government Servant, then, trading in shares is prohibited by Government Servants` Conduct Rules.

If you are in private employment, yes, you can trade in shares, unless that comes in conflict with your terms of appointment.

You need not get your accounts audited until the turnover crosses Rs. 40 lakhs per annum.

If you do derivatives trading, then, read the definition of `turnover` on my homepage.

5.18 PM Nov 16th 2009