Mr. A is a NRI , he is indulged in Purchase & Sale of Shares & Stocks (Delivery Based) , Ofcourse more than Rs.40 Lakhs . So Do the provisions of 44AB apply to him ?
10 July 2010
if Mr. a shows it as investment and income will be considered as capital gain then no audit is required but if he wants to claim all exp and wants to show it as business income then audit is required
10 July 2010
If the NRI is regularly trading in shares and if the delivery based sales turnover exceeds the threshold limit prescribed in section 44AB of the Incometax Act,1961, tax audit is mandatory.
10 July 2010
yes.it can be treated as capital gain in which case audit will not be required.in case it is shown as bus.income then audit is required.the assessee can take whichever is beneficial to him.since the tax liability will differ in both cases.
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