Income from share trading under head PGBP, turnover 65 crore, profit lower than 8%.
whether liable to tax audit?
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Tax audit
Replies (4)
Yes. Turnover more than 1 Cr.
Yes, you are liable for tax audit as per provisons of section 44AB
Supplementing Mr Dhirajlal's reply, I suggest you to go through guidance note of ICAI in determining the TURNOVER. Based on that definition, take a decision of deemed profit or Tax audit
YES AGREE WITH ABOVE ALL FREINDS
BUT I THINKS DEMAND PROFIT IS NOT RIGHT OPTION FOR AVOID TO 44AB
YOU ARE COMPULSORY TO LIABLE 44AB BECAUSE YOUR T.O. ABOVE THE LIMIT OF 44AB
GOOD LUCK!
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