transactions in commodities
This query is : Open
29 July 2009
If a trader in commodities with actual investment of Rs 1,00,000/- but with a turnover of Rs 1,00,00,000/- and loss of Rs 5,00,000/-. Will he have to get his books of accounts audited?
If not how will the sales be accounted for?
If not how will the sales be accounted for?
04 August 2009
If the turnover is 1 crore, then tax audit will apply. I hope I am correct in my understanding of the the question.
04 August 2009
Are you referring to a private limited company and applicability of CARO? In that case, if paid up capital and reserves is less than 50 lacs and turnover is less than 5 crores and there is no public accepted, then CARO is not applicable.
For all public limited, CARO is applicable.
For all public limited, CARO is applicable.
08 August 2009
Trader in commodities here refers to an investor who makes intraday transactions in commodities like some do in shares.
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