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Is audit needed

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2010 Sir, I am trading in shares in my wife's name. My trading turnover has crossed rs. 9.00 lacs. My wife is also serving in a PSU bank. I am trading only in cash segment. Is audit needed if the turnover of this year crosses Rs. 10 lacs ? Please reply as early as possible.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
07 December 2010 No audit will not be applicable in your case.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
07 December 2010 Audit required if Turnover crosses Rs 40 lacs (for Fy 2009-10) & Rs 60 Lacs (For Fy 2010-11). Turnover for this purpose will be Aggregate of profit and loss taken together.
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