If a Indivisual assessee involves in Intraday Trading of Around Rs. 10 Lacs Per day, is it Required for him to get his accounts audited Under Section 44AB of the Income Tax Act ?
Please Guide.........
shreyans (Audit Manager) (24 Points)
15 December 2010If a Indivisual assessee involves in Intraday Trading of Around Rs. 10 Lacs Per day, is it Required for him to get his accounts audited Under Section 44AB of the Income Tax Act ?
Please Guide.........
Venkateswara Rao Sapare
(Accountant)
(1500 Points)
Replied 15 December 2010
Mr.Shreyans
Section 44AB lays down that every person carrying on business, whose sales, turnover or gross receipts exceed rupees forty lakhs or carrying on a profession, whose gross receipts exceed rupees ten lakhs, shall get his accounts of such previous year audited before the specified date and obtain before that date the report of such audit in the prescribed form.
Yes. Get the accounts audited u/s 44AB.
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