tax audit applicability
This query is : Resolved
leena s kothari
(Querist)
17 September 2010
the assessee is trading in shares. whether tax audit will be applicable if the turnover exceeds 40 lacs in share trading.
Aditya Maheshwari
(Expert)
17 September 2010
turnover in case of delivery is sales in case of intraday & F & O is profit + los
If all the above crosses Rs. 40 lakhs the assessee liable for tax audit.
If all the above crosses Rs. 40 lakhs the assessee liable for tax audit.
VINOD ARORA
(Expert)
17 September 2010
The sum of profit & losses has to be greater than 40 lakhs, then only the Audit is copmulsory. It may be a case of 21 lacs profit + 20 lacs loss which necessitates tax audit.
However, buying shares worth 50 lacs and selling worth 100 lacs may not necessitate tax audit if the profit is less than 40 lacs.
However, buying shares worth 50 lacs and selling worth 100 lacs may not necessitate tax audit if the profit is less than 40 lacs.
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