Applicability of tax audit

This query is : Resolved

N D B (Querist)
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30 April 2015 Hello sir,

Kindly guide me in following matter,

One of our client is doing trading in shares regularly. he is not in speculative business. His monthly t/o is around 75 lacs to 1 cr. But out of that cash or bank transaction is only 2-3 lacs.

will tax audit applicable to him ?
please provide me guidance for applicability of tax audit for share trading activities.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 https://ramadvice.wordpress.com/2014/09/11/tax-audit-us-44ab-sharestockcommodity-transactions-applicability/

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 April 2015 As per section 44AB when turnover of any business exceeds 1 crore tax audit applicable.

See the link.
http://www.labnol.org/india/law/tax-liability-for-those-who-regularly-trade-in-equity-shares/6330/

CA Jayesh Karia

CA Jayesh Karia (Expert)
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01 May 2015 No tax audit will not be applicable... If limit of 1cr croosed by way of cash or bank transaction then and only tax audit will be applicable.