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Tax audit

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(Querist)
19 September 2015 If the futures and derivatives trading turn over exceed one crore whether tax audit under section 44AB has to be done
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Amol S Joglekar

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Amol S Joglekar (Expert)
19 September 2015 the MOD value (positive value between sale and purchase) exceeds 1 crore, then TAX audit is applicable.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 September 2015 Not positive value alone but the 'absolute value' of the profit and loss has to be considered as turnover for the purpose of 44AB.
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 September 2015 Thank you B Chakrapani Warrier.
In mathematics it is called as MOD value.

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