01 April 2009
One of y client (Properitor) doing business of Shares in delivery base.Annual turnober is exceed of Rs.40,00,000/-. There is any liablity for tax audit or create any other liablity for legal base.
01 April 2009
If you treat it as a business and delivery based, then it is liable to tax audit. If you are treating it as Investment then no tax audit required.
03 April 2009
Section 44AB, as inserted by the Finance Act, 1984, casts an obligation on every person carrying on business to get his accounts audited, if his total sales, turnover or gross receipts, as the case may be, exceed Rs. 40 lakhs in any previous year relevant to the assessment year commencing on 1-4-1985 or any subsequent assessment year.
CAclubindia
