Business from Stock and Futue in NSE
This query is : Resolved
16 July 2008
A person enters in to business on 1st June,2007 for trading in shares and futures in NSE.
He incurred loss in shares Rs.3000 and in future Rs.12000.
His total turnover is around Rs.60,00,000
Is he liable to audit his account?
Other details are as follow:
Individual
Age 20
Male
Shares turnover Rs.8,00,000
Future turnover Rs.52,00,000
(Future turnover includes Buy and sell of Nifty 10 times only)
He incurred loss in shares Rs.3000 and in future Rs.12000.
His total turnover is around Rs.60,00,000
Is he liable to audit his account?
Other details are as follow:
Individual
Age 20
Male
Shares turnover Rs.8,00,000
Future turnover Rs.52,00,000
(Future turnover includes Buy and sell of Nifty 10 times only)
16 July 2008
No, he is not required to get his accounts audited for the purpose of Tax Audit u/s 44AB of the IT Act.In case of future trades the total sum of net results of contracts , whether +ve or -ve, is taken into account to analyse the limit of Rs 40 lacs for Tax Audit. In the instant case, the delivery turnover is 8 lacs and the turnover for future contracts,as discussed above, if less than 32 lacs, the assessee will not be required to get his acs audited.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
