Mr A Doing Share Trading Business,
For Ass yr 2009-10 He Had Turnover of Rs 6 Crore, (i.e 40lakhs & Above)
Please Clarify me WHETHER HE IS LIABLE FOR TAX AUDIT U/S 44AB OR NOT???
He is Purely Doing Share TRADING BUSINESS..
THANKS IN ADVANCE
Narayan paudel (FINAL) (205 Points)
20 August 2009Mr A Doing Share Trading Business,
For Ass yr 2009-10 He Had Turnover of Rs 6 Crore, (i.e 40lakhs & Above)
Please Clarify me WHETHER HE IS LIABLE FOR TAX AUDIT U/S 44AB OR NOT???
He is Purely Doing Share TRADING BUSINESS..
THANKS IN ADVANCE
imkdm
(Student)
(107 Points)
Replied 20 August 2009
Section 44AAB uses the word "gross receipts" and hence Mr. A having gross income from a share trading business of about Rs. 6 Crore is liable for tax Audit.