QUERY ON tax audit
This query is : Resolved
14 August 2007
for a registered partnership firm,( ONE OF THE OBJECTS IS SHARE DEALING AND OR TRADING IN SHARES)
1. there is a dividend income exceeding RS. 40 LAKHS.
2. FOR SAME FIRM THERE IS LOSS OR PROFIT ON SHARE TRADING,(THE VOLUME OF PURCHASES AND SALE OF SHARES) MORE THAN RS. 40 LAKHS( SHARES BEING BOUGHT IN CURRENT OR PREVIOUS YEARS AND SOLD IN CURRENT YEAR).
I FEEL BASED ON 2 ABOVE TAX AUDIT IS MANDATORY.
PL. CLARIFY.
R.V.RAO
1. there is a dividend income exceeding RS. 40 LAKHS.
2. FOR SAME FIRM THERE IS LOSS OR PROFIT ON SHARE TRADING,(THE VOLUME OF PURCHASES AND SALE OF SHARES) MORE THAN RS. 40 LAKHS( SHARES BEING BOUGHT IN CURRENT OR PREVIOUS YEARS AND SOLD IN CURRENT YEAR).
I FEEL BASED ON 2 ABOVE TAX AUDIT IS MANDATORY.
PL. CLARIFY.
R.V.RAO
15 August 2007
Here the dividend income would not be a Business income and Tax audit would be a compulsory
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