Applicability of tax audit

Save Share

This query is : Resolved

N D B (Querist)

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.

CA AnKiT BoHrA (AB)

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

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/

CA Jayesh Karia

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now