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.
CA AnKiT BoHrA (AB)
(Expert)
30 April 2015
https://ramadvice.wordpress.com/2014/09/11/tax-audit-us-44ab-sharestockcommodity-transactions-applicability/
CA R SEETHARAMAN
(Expert)
30 April 2015
As per section 44AB when turnover of any business exceeds 1 crore tax audit applicable.
See the link.
https://www.labnol.org/india/law/tax-liability-for-those-who-regularly-trade-in-equity-shares/6330/
See the link.
https://www.labnol.org/india/law/tax-liability-for-those-who-regularly-trade-in-equity-shares/6330/
CA Jayesh Karia
(Expert)
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.
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