18 March 2008
The assessee is carrying the business of buying and selling of shares.The transaction are mostly on intra day basis.The total turnover for the year exceeds Rs 40lakhs.Now will it be compulsory for the assessee to get his account audited u/s 44AB and also on what basis the closing stock of the shares shall be valued i.e whether on cost or at Market value which ever is less OR only at the cost Price.
18 March 2008
Sec-44AB obligatory for a person carrying on business to get his accounts audited before due date if his gross receipts in business exceeds Rs.40 lakhs in any P.Y. method of valuation is market value only.
CAclubindia
