Whether Intra day transactions are covered while counting turnover ubder section 44AB ? If yes to what extent. Please attach Necessary Reference with answer
1 Replies
VINOD PARAKH
(ADVISORY COMPANY)
(69 Points)
Replied 18 March 2010
INTRADAY TRADING SHOULD BE COUNT FOR TAX AUDIT. TURNOVER LIMIT WILL BE COUNT BY SUM OF NET PROFIT / LOSS IN A SINGLE TRANSACTION. IF ALL PROFITS AND LOSSES ( NOT SALE / PURCHASE PRICE) AFTER ADDITION ARE MORE THAN 40.00 LAKHS THEN TAX AUDIT IS APPLICABLE. HERE LOSS IS ALSO ADDED TO COUNT OF TURNOVER FOR TAX AUDIT PURPOSE.
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