Threshold limit for tax audit - Applicability of tax audit
This query is : Resolved
06 January 2022
Respected Sirs,
Greetings.
An assessee has dealt in share trading / Futures and options / Units whose turnover is above Rs.10 crores for the Assessment Year 2021-2022. Total Loss on account of above transactions is Rs.2.00 lacs. Other than the above, the assessee has declared an income of Rs.1.50 from other sources.
Whether the assessee is responsible for tax audit under section 44AB of the Income tax Act.
Please clarify.
With kind regards,
Greetings.
An assessee has dealt in share trading / Futures and options / Units whose turnover is above Rs.10 crores for the Assessment Year 2021-2022. Total Loss on account of above transactions is Rs.2.00 lacs. Other than the above, the assessee has declared an income of Rs.1.50 from other sources.
Whether the assessee is responsible for tax audit under section 44AB of the Income tax Act.
Please clarify.
With kind regards,
06 January 2022
Turnover is above 10 crores hence tax audit applicable.
How turnover is calculated.
How turnover is calculated.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Defective Return - Tds on advance
- Fixed Deposit Claim Relinquishment by the Nominee
- TCS ON SOFTWARE SALES
- TDS RATE ON RENT PAID TO NRI
- Income Type for interest from government bonds
- Not a CA , can we prepare balance sheet
- Regarding TAX regime
- TDS - Form 26QB - Installment - Final payment Query
- Issue of gst e invoice
- Gstr 9 2023-24
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
