Applicability of 44AB
This query is : Resolved
10 July 2010
Hi friends,
Mr. A is a NRI , he is indulged in Purchase & Sale of Shares & Stocks (Delivery Based) , Ofcourse more than Rs.40 Lakhs . So Do the provisions of 44AB apply to him ?
Mr. A is a NRI , he is indulged in Purchase & Sale of Shares & Stocks (Delivery Based) , Ofcourse more than Rs.40 Lakhs . So Do the provisions of 44AB apply to him ?
10 July 2010
if Mr. a shows it as investment and income will be considered as capital gain then no audit is required but if he wants to claim all exp and wants to show it as business income then audit is required
Message likes :
1 times
10 July 2010
If the NRI is regularly trading in shares and if the delivery based sales turnover exceeds the threshold limit prescribed in section 44AB of the Incometax Act,1961, tax audit is mandatory.
Message likes :
1 times
10 July 2010
yes.it can be treated as capital gain in which case audit will not be required.in case it is shown as bus.income then audit is required.the assessee can take whichever is beneficial to him.since the tax liability will differ in both cases.
Message likes :
1 times
12 July 2010
thank u all.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
