CA Sanjay Baheti (PROPRIETOR) (1155 Points)
07 May 2010A share dealer mainly engaged in business of trading & sales of listed shares both on delivery basis as well as F & O transactions on non delivery basis and share broking business.
Now for tax audit purposes u/s 44AB of I.T Act , whether the term 'Turnover' shall include the said turnovers both on delivery & non delivery basis and Brokerage Income for determining threshold limit.
nidhi
(student)
(58 Points)
Replied 07 May 2010
Yes the turnover should include both as he is dealing in both..
Amir
(Learner)
(4016 Points)
Replied 07 May 2010
Dear Sanjay Sir,
For determining turnover in case of F&O - Pls refer this link
/forum/what-is-turnover-in-case-of-intra-day-trading--73948.asp
As far as applicability of 44AB is concerned - Turnover of all business carried on by the assessee has to be aggregated.
CAclubindia
