Facts of the Case:

Status of Assessee : Individual
Profession : Doctor
Gross Receipts
from profession : Rs.9,75,000/-
Net Income from
Profession : Rs. 4,76,000/-

Assessee also deals in sale and purchase of shares on NSE & BSE through a broker on daily basis i.e. intraday and inter day transactions on which STT is deducted broker also charges interest on late payments.Total transactions in the year 2007-08 exceeds Rs. 60,00,000/-. Assessee incured a loss of Rs. 3,79,000/-.


Query:
1). Whether loss on NSE and BSE transactions be treated as Capital loss or Business loss.

2). Whether loss can be carried forward?

2). Whether Tax Audit is applicable?

3). If Tax audit is applicable than in which form audit report is to be given?

4). What will be the status if Receipts from profession is Rs. 11,00,000/-?


Please resolve the query

Reply to : camksolan@yahoo.co.in

The firm is engaged in construction business.

The WIP of the firm Exceeds 40lacs.

The firm doesnt have any purchase, sales and gross receipts.

Whether firm is liable for tax Audit.

Dear All
I am doing audit of MFI which is registered as a society. They have taken some amount of unsecured loan from a pvt limited company. Is there a limit on the
a) Unsecured loan amount
b) Interest paid against that loan

My Clent want to create deferred tax Asset on brought forward loss
what are the audit evidences to be collected from the company to substatanciate the virtual cirtinity of getting profits in future years

A Business has the following details:

Net Purchase of Rs/-6000000(Sixty Lakhs)

And

Net Sale of Rs/-3800000(Thiry Eight Lakhs)

Whether he is liable for Tax Audit.

dear sir
in case of presentation of financial accounts is the disclosure of previous years figures compulsory. if so under which standards .
2) are even the figures of the previous year are required in the balance sheet also
3) in case of a proprietor having investments in mutual fundds or shares ,,is it correct to show them in the books of business as they are not business assets.

Dear all,
i am doing audit of an mfi registered as a society. What is the implication if i include grant from promotors to increase the networth of the society. and what is the treatment if there is an amount collected from members for some purpose. what is the maximum limit of interest to be paid on unsecured loans? please this is urgent

In a Company Physical Verification Fixed aseets has been done not in financial year but in the subsequent year.What is the consequences of such in Statutory Audit in the financial year?

Whether revenue stamp is required to be affixed on salary register or payment voucher when it is paid through the cheque?
does it makes any sense if the cheque is not a account payee cheque?

If any person has sales more than 40.00 lacs of shares and net profit from share trading below 40.00. Is a person needed tax audit. What is a defination of turnover if he calculate profit as business or capital gain.