Hi
Have an query. Is tax audit required in case my turnover in the Futures and Options segment have excedded Rs40L during the year. Also, in case my Cash segment turnover also exceeds the limit is Tax audit required/mandatory
Regards
Sagar
Sagar Thakkar (Business) (37 Points)
22 December 2008
Hi
Have an query. Is tax audit required in case my turnover in the Futures and Options segment have excedded Rs40L during the year. Also, in case my Cash segment turnover also exceeds the limit is Tax audit required/mandatory
Regards
Sagar
Neeraj Taneja
(Faculty- Finance Audit )
(227 Points)
Replied 22 December 2008
Dear Mr. Sagar
Yes it will be covered by tax audit subject to if the Net profit / Net loss exceed Rs.40 Lacs .
Thanx & Regards
Neeraj Taneja
Sagar Thakkar
(Business)
(37 Points)
Replied 22 December 2008
hi
i think when the turnover exceeds 40L. tax audit should be required irrespective of profits or loss. as it would be considered business of the regular basis
Regards
Sagar
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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