Tax Audit
This query is : Resolved
01 April 2009
One of y client (Properitor) doing business of Shares in delivery base.Annual turnober is exceed of Rs.40,00,000/-. There is any liablity for tax audit or create any other liablity for legal base.
01 April 2009
i think ur client is required for tax audit
01 April 2009
Yes you have to go for Tax Audit u/s 44AB.
01 April 2009
If you treat it as a business and delivery based, then it is liable to tax audit. If you are treating it as Investment then no tax audit required.
02 April 2009
Yes Tax Audit is required if dealings treated as Business
However in case it is treated as Investment no Audit is reauired
However you must read the case laws and othewr relevent clarification regd treatment of share dealing as Investment and Business
However in case it is treated as Investment no Audit is reauired
However you must read the case laws and othewr relevent clarification regd treatment of share dealing as Investment and Business
03 April 2009
Section 44AB, as inserted by the Finance Act, 1984, casts an obligation on every person carrying on business to get his accounts audited, if his total sales, turnover or gross receipts, as the case may be, exceed Rs. 40 lakhs in any previous year relevant to the assessment year commencing on 1-4-1985 or any subsequent assessment year.
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