Applicability of tax audit
This query is : Resolved
30 April 2015
Hello sir,
Kindly guide me in following matter,
One of our client is doing trading in shares regularly. he is not in speculative business. His monthly t/o is around 75 lacs to 1 cr. But out of that cash or bank transaction is only 2-3 lacs.
will tax audit applicable to him ?
please provide me guidance for applicability of tax audit for share trading activities.
Kindly guide me in following matter,
One of our client is doing trading in shares regularly. he is not in speculative business. His monthly t/o is around 75 lacs to 1 cr. But out of that cash or bank transaction is only 2-3 lacs.
will tax audit applicable to him ?
please provide me guidance for applicability of tax audit for share trading activities.
30 April 2015
https://ramadvice.wordpress.com/2014/09/11/tax-audit-us-44ab-sharestockcommodity-transactions-applicability/
30 April 2015
As per section 44AB when turnover of any business exceeds 1 crore tax audit applicable.
See the link.
http://www.labnol.org/india/law/tax-liability-for-those-who-regularly-trade-in-equity-shares/6330/
See the link.
http://www.labnol.org/india/law/tax-liability-for-those-who-regularly-trade-in-equity-shares/6330/
01 May 2015
No tax audit will not be applicable... If limit of 1cr croosed by way of cash or bank transaction then and only tax audit will be applicable.
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.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- GST Treatment of Insurance Commission for Existing GST Holder
- 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
