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(Querist)
05 October 2009 A person having business turnover of Rs39 lacks and F&O turnover of Rs4 lacks,whether he is liable for audit u/s 44AB?
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
05 October 2009 Not go for tax audit. F&O income or turnover treated as a capital gain.
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Rajeev

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Rajeev (Expert)
05 October 2009 Chintanji , i have a different opinion.

F&O is assessed as speculative business income ( sec 43(5) )

So business turnover + F&O turnover if exceeding 40 lakhs , then 44AB is attracted .

F&O turnover is the sumtotal of favorable and unfavorable differences ( profit + loss)
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 October 2009 Yes agreed with rajeeev.

Assessee liable for tax audit.
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hitesh

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hitesh (Querist)
07 October 2009 A person having business turnover of Rs39 lacks and F&O turnover of Rs4 lacks,whether he is liable for audit u/s 44AB?

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