Intra Day Shares Trading - Tax Audit u/s 44AB
This query is : Resolved
12 April 2008
Sir,
If a client is engaged into intra day shares trading; wherein turnover easily exceeds Rs. 40 Lacs. Should he get his accounts audited u/s 44AB.
If the turnover in intra day is slightly lesser than Rs. 40 Lacs but his regular business turnover; if included into it; total turnover crosses Rs. 40 Lacs; should he get his accounts audited.
Thanks in advance.
If a client is engaged into intra day shares trading; wherein turnover easily exceeds Rs. 40 Lacs. Should he get his accounts audited u/s 44AB.
If the turnover in intra day is slightly lesser than Rs. 40 Lacs but his regular business turnover; if included into it; total turnover crosses Rs. 40 Lacs; should he get his accounts audited.
Thanks in advance.
12 April 2008
Net Gain during the day will be reckoned as turnover for Sec 44AB
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