Is taxaudit is required for intraday and f & o trading ?
This query is : Resolved
01 May 2016
Assuming assesee is having income and does even Do intra day trading and actively does F &O, , that makes transactions amount or turnover amount to go in crores of rupees , but earns in thosuands, Net income thus becomes around +5 lacs , Is he required to Go for IT Tax AUDIT, ?
02 May 2016
If the ABSOLUTE VALUE of F & O transactions exceeds 1 crore, tax audit becomes mandatory.
02 May 2016
I hope absolute value in F & O transactions means , either sum of all profits and losses in F & O sector or anything else other than it .
02 May 2016
Nothing more than that.
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