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TAX AUDIT OR NOT

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(Querist)
05 October 2007 DEAR

ONE OF OUR CLINET INVESTING IN SHARES THRO IPO BUY SELL IN SECONDRY MARKET , IF THERE INTRA DAY VOLUE ARE OTHER THAN 40 LACS IN RUPEE

IT IS NECESSARY TO DONE TAX AUDIT OF THEIR BOOKS OF ACCOUNTS AS PER NEW IT NOTIFICATION.


SANJAY
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Ravikumar.G

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Ravikumar.G (Expert)
05 October 2007 If the client doing as "Business or profession" it will come under sec 44AB (Tax Audit). Otherwise it will come under capital gain where tax audit is not required.
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CA. Dashrath Maheshwari

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CA. Dashrath Maheshwari (Expert)
06 October 2007 No Mr. Ravikumar, Its purely Business Income (Daily Trading is a Business) and therefore Tax Audit is Compulsary in above case
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Ravikumar.G

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Ravikumar.G (Expert)
10 October 2007 Thanks
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KAAPIL

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KAAPIL (Expert)
12 November 2007 Thanks
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KAAPIL

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KAAPIL (Expert)
12 November 2007 Thanks

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