Income from share business
This query is : Resolved
18 March 2008
The assessee is carrying the business of buying and selling of shares.The transaction are mostly on intra day basis.The total turnover for the year exceeds Rs 40lakhs.Now will it be compulsory for the assessee to get his account audited u/s 44AB and also on what basis the closing stock of the shares shall be valued i.e whether on cost or at Market value which ever is less OR only at the cost Price.
18 March 2008
Sec-44AB obligatory for a person carrying on business to get his accounts audited before due date if his gross receipts in business exceeds Rs.40 lakhs in any P.Y.
method of valuation is market value only.
method of valuation is market value only.
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- TDS related Query_Liquidated Damages
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
