During FY 2021-22,Mr A was earning professional income. Besides this, he was also trading in shares.
The sales value of shares trading is as follows: Speculation - Rs. 18,46,034/- Short Term - Rs. 1,97,70,738/- Long Term - Rs. 1,71,863/- ============================ Total Sales value / Turnover - Rs. 2,17,88,634/-
Will he be liable for Tax audit in this case?
Secondly, what if Sale value of Short term trading alone exceeds Rs. 2 Crore, will the tax audit be applicable then?
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