Is Tax audit mandatory for delivery based share trading ?
This query is : Resolved
31 August 2010
My brother is working in a private IT firm.
His trading volume has crossed 60 lakh last year.
All trades are delivery based .
Q: is it necessary for him to go for tax audit? or tax audit is mandatory only for intraday trades?
regards
His trading volume has crossed 60 lakh last year.
All trades are delivery based .
Q: is it necessary for him to go for tax audit? or tax audit is mandatory only for intraday trades?
regards
31 August 2010
If is is business of trading in shares and delivery trade exceeds Rs. 40 lakhs (from F. Y. 2010 - 11 Rs. 60 lakhs) he is liable for tax audit u/s 44AB.
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