What is the criteria for Tax audit for persons trading in derivatives? For eg. should the turnover exceed Rs.40 lacs or the total of profit and loss exceed Rs.40 lacs.
2 Replies
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 18 August 2009
ITS THE TURNOVER WHICH ATTARCTS THE LIABILITY OF TAX AUDIT NOT THE PROFIT OR LOSS.
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 20 August 2009
trading in derivatives is a business so if turnover is more then 40lack then tax audit is must done
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