14 October 2016
dear sir,
please advice , my Clint are purchase and sale of share activity but he is not business person he is salary person he is free time purchase and sale the share . but his share statement as shown more than 3crore transaction. please advice any requirement in chartered accountant or not . this is coms under the tax audit or not.
The income tax act says that if your turnover exceeds Rs 1 crore in a financial year, you have to get Tax audit done. But in this case to calculate turnover, sum up the value of your positive and negative trades. Say if you have a positive F&O trade of Rs 80,000 and negative trade of Rs 60,000, your income is Rs 20,000 but your turnover shall be Rs 1,40,000.
CAclubindia
