tax audit applicability

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leena s kothari (Querist)
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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

Aditya Maheshwari (Expert)
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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.

VINOD ARORA

VINOD ARORA (Expert)
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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.

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