Audit for futures shares
This query is : Resolved
Rahul Gupta
(Querist)
28 July 2015
My client has done future sale shares of Rs 110 lacs and purhcase of 109 lacs. Net gain is just 1 lac.
Please advice if tax audit is required.
Since this will be considered as business profit.
Turnover is more than 100 lacs
profit is less than 8%
Please advice if tax audit is required.
Since this will be considered as business profit.
Turnover is more than 100 lacs
profit is less than 8%
Nikhil Kaushik
(Expert)
28 July 2015
if he has other incomes and overall income crosses basic exemption limit, then yes, audit will apply
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