Is audit needed
This query is : Resolved
Querist : Anonymous
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.
07 December 2010
No audit will not be applicable in your case.
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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