Pawan Singhal (chartered accountant) (655 Points)
27 June 2011IF ASSESSE INCURRED SPECULATION LOSS AND SHORT TERM ON SHARE TRADING400000 ON TRADING OF SHARE OF 40 LAKH . AND HIS OTHER SOURCES INCOME IS 600000. IS HE LIABLE TO AUDIT AS PER SECTION 44 AD BECAUSE HIS SHARE BUSINESS IS LESS THEN 60 LAKHAND HE IS NOT DECLARING 8
% PROFIT OF TURNOVER.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 27 June 2011
GOOD QUESTION SIR,
I THINK HE IS LIABLE FOR TAX AUDIT BECAUSE HE IS NOT DECLARING HIS PROFIT AT 8% ON TURNOVER... HE IS MAINTAINING BOOKS OF ACCOUNTS SO ACCORDING TO MY OPINION HE IS LIABLE FOR TAX AUDIT,,,,
Surendra Agarwal
(MANAGER FINANCE AND BUSINESS PLANNIN)
(289 Points)
Replied 28 June 2011
Aparna Raja K.C
(Student)
(520 Points)
Replied 28 June 2011
mm... if the assessee is not ddeclaring income @ 8% <which he can under Section 44AD>, then why is he being brought under 44AD?
wont he be taxed under Sepeculation business??
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 28 June 2011
I THINK HE IS LIABLE FOR TAX AUDIT BECAUSE HE IS NOT DECLARING HIS PROFIT AT 8% ON TURNOVER... HE IS MAINTAINING BOOKS OF ACCOUNTS SO ACCORDING TO MY OPINION HE IS LIABLE FOR TAX AUDIT,,,,
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 28 June 2011
@ aparna Raja K C : rule said that if you have speculative business and if you are not declaring profit @ 8% then tax audit will be applicable irrelevent of turnover...
Shashank Agrawal
(Management Trainee)
(46 Points)
Replied 28 June 2011
If short term trading in share is intra day then it will not be liable to tax audit
and for short term trading in share is considered as normal business income so as he not show 8 % profit then he will be liable to TAX Audit in my opinion.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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