I am a senior citizen having pension and other income OF RS 3.20 lakhs( after availing tax rebate under 80 C, 80D, TTB etc)during durrent FY 2020-2021 . I have done share trading transactions ( delivery and intra day) with a turnover of Rs 76 lakhs from 1st april 2020 till 31st december 2020 earning a business income of Rs 1.35 lakhs. This will offset a carried forward loss of 65000/- from last financial year.
my query is : SINCE THE SHARE TURNOVER IS LESS THAN 1 CRORE AM I LIABLE TO HAVE MY SHARE ACCOUNTS AUDITED BEFORE FILING ITR 3 FOR FY 2020-2021, despite my other income exceeding tax exemption levels ???
I am getting confusing answers from my CA qualified friends. Please quote the rule and kindly help me with a correct clarification. Please reply to : rvrv002@gmail.com
MOST GRATEFUL IN ANTICIPATION
V RAMACHANDRAN
COIMBATORE

My Last year turnover was more then 1 cr. and my Tax audit was done in last FY 18-19. but in this FY 19-20 my total turnover is below 60 lac. My query is :
1. Tax audit is compulsory for me ?
2. If my turnover is less in the years ahead, then for how many years will I have to be audited.

Thanks

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An assessee is engaged in F & O trading and Share trading and comed underthe purview if tax audit.

Whether in Clause 35 of Form 3CD, qunatitive details shall be reported of the following as he is in trading business:

a. Delivery based share trading
b. Intraday share trading
c. F & O trading

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IN CASE OF PRIVATE LIMITED COMPANY IF TURNOVER IS LESS THAN RS.1 CRORE IS IT REQUIRED TO GET AUDITED IN INCOME TAX ACT U/S 44AB AS TAX AUDIT?AND IS LIMIT COMPLIANCE OF NOT MORE THAN 5% OF RECEIPTS AND PAYMENT IN CASH REQUIRED TO BE SEEN FOR GETTING THIS COMPANY AUDITED IN TAX AUDIT IN INCOME TAX ACT?KINDLY GIVE ANSWER AS SOON AS POSSIBLE.

Good Evening,

I am lookout for Internal audit plan and checklist for manufacturing company.

Anyone, please help me and I need to it as soon as possible for preparing for some audit.

My email: ialearner01@gmail.com

Thanks in advance & kind regards,

Haider

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Kindly reply

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