tax audit

This query is : Resolved

sujit birajdar (Querist)
Follow

11 April 2009 Sir,

If assessee is individual salaried person having salry less than 300000/- P.A.

He also having short term capital gain from share market by trading in to share market online more in intra day .

Now qyery is

The total intra day transactions sale amt total is more tha 40 Lacs in a financial year but profit is between 50000 - 150000 in year.
i.e. he is doing transactions in numbers of times so his sale total increases more than 40 lacs.

then can U tell me assessee is liable for Tax audtit.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
Follow

11 April 2009 Yes. If the sale and purchase transaction exceeds rs.40 Lakhs irrespective of profit made tax audit has to be conducted for his accounts.