when sales of shares exceeds 40 lacs

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mohit arora (Querist)
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26 May 2008 sir, i am dealing in purchase and sales of shares on delivery basis. if my sales exceeds 40 lacs then i have to audit. we have received three statements from our broker 1) contract notes 2)profit&loss account 3)ledger . by providing all these statements to my CA, audit will be possible or not. whether i have to maintain any accounts in addition to providing all the above statements or there is no need of it.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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26 May 2008 Accounts relating to your business has also to be maintained and made available for audit. Example: your bank book, your ledger containing creditors debtors and other personal and nominal accounts, and so on.