sec 44AA and 44AB
This query is : Resolved
27 June 2009
i m doing trading of shares and my turnover is exceed rs.40 lacs.
i want to ask if i require to maintain books of accounts and require audit u/s 44AB
thank you
i want to ask if i require to maintain books of accounts and require audit u/s 44AB
thank you
27 June 2009
YES YOU NEED TO GET YOUR ACCOUNTS AUDITED
CA.MANOJ LAMBA
(Expert)
27 June 2009
but what the defination of turnover in case of share trading
Sanjeev Jain
(Expert)
27 June 2009
See turnover means the amount of Gross receipt from the era which has the main object or business of the assessee it doesnt include the income of other sources like interest and all..
As far as this case is concerned i m agree wht Anjani said, you need to get your account audited and require to maintained Books of accounts as define under the statue u/s 44AB and 44AA respectively.
As far as this case is concerned i m agree wht Anjani said, you need to get your account audited and require to maintained Books of accounts as define under the statue u/s 44AB and 44AA respectively.
ACS Gaurav Jain
(Expert)
19 September 2013
no not require
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