applicability of sec 44AB ..........Urgent
This query is : Resolved
26 July 2010
one of my client TRADES in equity Futures market and also trades in commodities . whether the provisions of sec 44AB will be applicable if the sale amount of the shares and commodities exceed the limit prescribed.And also suggest me as to whether the brokerage and the stt paid to be added to the cost or to be shown separately.
26 July 2010
for the purpose of calculating turnover in case of derivatives the sum of positive and negative differences is considered as turnover.
If the same exceeds the tax audit limit for turnover then audit u/s 44AB applicable.
Brokerage & STT are an allowable expenses for derivatives trading.
If the same exceeds the tax audit limit for turnover then audit u/s 44AB applicable.
Brokerage & STT are an allowable expenses for derivatives trading.
26 July 2010
if the absolute value of profit or loss exceeds the prescribed limit then section 44AB is applicable.. otherwise it is no
and if it better if u show brokerage and STT seperately
and if it better if u show brokerage and STT seperately
26 July 2010
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