Is Tax audit mandatory for delivery based share trading ?

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Gaurav Sengupta (Querist)
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31 August 2010 My brother is working in a private IT firm.
His trading volume has crossed 60 lakh last year.

All trades are delivery based .

Q: is it necessary for him to go for tax audit? or tax audit is mandatory only for intraday trades?

regards

Aditya Maheshwari

Aditya Maheshwari (Expert)
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31 August 2010 If is is business of trading in shares and delivery trade exceeds Rs. 40 lakhs (from F. Y. 2010 - 11 Rs. 60 lakhs) he is liable for tax audit u/s 44AB.