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Applicability of Tax Audit

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(Querist)
08 July 2008 If any Individual deals in Shares as Day Trader and if his Turnover(i.e. Sale or Purchase) exceeds Rs.40 Lakhs whether he will liable for Tax Audit or not ?
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CA SIDDHARTH MEHRA

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CA SIDDHARTH MEHRA (Expert)
09 July 2008 Yes, he would well be liable for Tax Audit. Even trading in Futures/options also constitutes turnover.

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