APPLICABILITY OF AUDIT
This query is : Open
11 September 2020
ONE INDIVIDUAL HAVING SALARY INCOME OF RS 20 LAKHS AND LOSS FROM INTRADAY TRADING IN STOCK MARKET (SPECULATIVE) OF RS 30000/- WHETHER HE HAS TO MAINTAIN BOOKS OF ACCOUNTS AND GET IT AUDITED U/S 44AB??
CA Ankith Jain
(Expert)
13 September 2020
You need to calculate the turnover of such speculative income. There is a specific way to determine the turnover, if such turnover exceeds the limit, then 44AA and 44AB would attract.
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