14 July 2019
What is turnover for the purpose of Sec.44AD in case of speculative transaction? Is the turnover meaning same as referred to in identifying applicability of Tax Audit u/s 44AB i.e aggregate of positive and negative differences?
14 July 2019
The aggregate of both positive and negative differences is to be considered as the turnover of speculative transactions in shares for determining the liability to audit vide section 44AB."
Ref:- Para 5.14(a) of the Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961, issued by the ICAI, Revised 2014 Edition
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