Speculative txns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2018
an assessee engaged intraday txns in online. Total intraday sales Rs.30800150. Total loss in intraday txns 147555. Other income Rs.205000. Whether he is liable income tax audit u/s 44AB
18 December 2018
you need to first compute the turnover as per the ICAI guidance note. If the turnover exceeds Rs 1 cr, then tax audit is applicable (unless you are showing presumptive taxation, in which case the turnover upto 2 cr won't attract audit)
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