TAX Audit

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sandeepa (Querist)
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14 October 2016 Dear Sir, any Share transaction is crossed more than 3 cror in the FY 2015 - 16. this is comes under tax audit. if any charactered accountent is required. please tell me sir

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 October 2016 The income tax act says that if your turnover exceeds Rs 1 crore in a financial year, you have to get Tax audit done. But in this case to calculate turnover, sum up the value of your positive and negative trades. Say if you have a positive F&O trade of Rs 80,000 and negative trade of Rs 60,000, your income is Rs 20,000 but your turnover shall be Rs 1,40,000.

sandeepa

sandeepa (Querist)
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14 October 2016 sir he is salaries person he is not business person. share statement as shown 3cror intra day transaction sir. if any CA is required sir

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 October 2016 If the total of Positive and Negative trades exceeds Rs 1 Crore than Tax Audit is required to be done by a Chartered Accountant in Practice.