audit limit
This query is : Resolved
20 March 2011
please tell me
when audit liability arises in case of commodity trading by an individual.
Please also quote any notification/circulars
issued in this regard.
when audit liability arises in case of commodity trading by an individual.
Please also quote any notification/circulars
issued in this regard.
20 March 2011
As per 44AB if sales or turnover or gross receipt exceeds 60 lakhs audit is compulsory.
22 March 2011
My dear friend Ravi
As I have read section 44AB,there is no reference about commodity market trading included in that section. kindly reconsider on it and if any notification/circular issued in this regard. please specify
Is there any provision regarding profit/loss limit on which audit liability for commodity market trading arises
As I have read section 44AB,there is no reference about commodity market trading included in that section. kindly reconsider on it and if any notification/circular issued in this regard. please specify
Is there any provision regarding profit/loss limit on which audit liability for commodity market trading arises
22 March 2011
Please Clarify The nature of Commdity trading activity you r asking about.
23 March 2011
If an individual purchase silver and sell it in same day OR if sell one month after date of purchase of gold in the commodity market
23 March 2011
As per Sec 2(3) of the Income tax act business includes any trade, commerce, or manufacturing or any adventure or concerns.
Hence in your situation Tax audit is applicable.
If your Commodity trade is an Speculative(shares and debenture) and you are Dealing in individual capacity(not as a Normal course of business) then Tax audit is not applicable.
Hence in your situation Tax audit is applicable.
If your Commodity trade is an Speculative(shares and debenture) and you are Dealing in individual capacity(not as a Normal course of business) then Tax audit is not applicable.
24 March 2011
Thanks Ravi
I have another question
Is there any provision regarding profit/loss limit on which audit liability for commodity market trading arises in the same situation of selling or purchasing the silver or gold in commodity market
I have another question
Is there any provision regarding profit/loss limit on which audit liability for commodity market trading arises in the same situation of selling or purchasing the silver or gold in commodity market
24 March 2011
There is no provision in the Income tax act for For determining tax audit based on Profit/ loss
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