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Sarika
Propritor
[ Scorecard : 24]

Posted On 24 February 2010 at 14:46

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Hi,

I have salary income of about 20lacsp.a. Also I trade in shares. Please let me know what is the limit for tax audit and what books I have to maintain for tax audit.

Thanks

Rachit
Analyst
[ Scorecard : 347]

Posted On 24 February 2010 at 15:01

Sec. 44AB of the I.Tax Act provides for audit of accounts of persons carrying on business & profession

In case of business if - sales turn over / gross receipts exceeds Rs.40 lacs

In case of profession if - gross receipts from profession exceeds Rs.10 lacs.

Salaries persons are not covered under this provision.

In case of share trading (speculative) - Provision of 44AB are attracted if the aggregate of net gain/loss from trading activity exceeds Rs.40 lacs

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