audit limit
This query is : Resolved
29 June 2011
I am engaged in daily intra day trading. my total sales will be RS 1 crore but my speculation profit+ loss is only Rs 2 lacs during the year whether i should liable for audit u/s 44AB & not plz reply
29 June 2011
Intra day trading is a speculative business and since the turnover is more than 60 lakhs, audit under section 44AB is applicable.
29 June 2011
Krishna Ji
ICAI says Rs.1 crore should not be considered. Then the absolute value of profit and loss should be the turnover based on ITAT decisions.
ICAI says Rs.1 crore should not be considered. Then the absolute value of profit and loss should be the turnover based on ITAT decisions.
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29 June 2011
Thanks a lot
29 June 2011
Sir, Can u tell me ITAT decision name so i can refer it
29 June 2011
1) Babu lal Enterprises Vs. ACIT (ITA N0. 6031/mum/1996).
2)Growmore Exports v ACIT. 78 ITD 95.
2)Growmore Exports v ACIT. 78 ITD 95.
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