Section 44AB Audit
This query is : Resolved
17 July 2010
Mr A is salaried person. Also investing in equity and derivaitves. During Last FY 2009-10 he has Delivery based Sales-Purchase of Shares for Rs. 14 Lakhs Each (Total 28 Lakhs) While Non-Delivery based shares transactions comes to total 29 Lakhs. Grand Total for the year is 57 lakhs.
Whether he is laible to get his accounts audited u/s. 44AB for AY 2010-11
Whether he is laible to get his accounts audited u/s. 44AB for AY 2010-11
17 July 2010
For calculating the threshold limit the following method may be adopted.
1) sale value of delivery based share trading.
2) sale value of non-delivery based share trading.
3) absolute value of gain and loss of the derivative trading.
Summation of the above if exceeds the threshold limit, tax audit provisions attracts.
1) sale value of delivery based share trading.
2) sale value of non-delivery based share trading.
3) absolute value of gain and loss of the derivative trading.
Summation of the above if exceeds the threshold limit, tax audit provisions attracts.
17 July 2010
What is the threshold limit for FY 2009-10 (AY 2010-11) for having audit of books of accounts ?
17 July 2010
Rs.40/- lakhs for business and Rs.10/- lakhs for profession.
Message likes :
1 times
17 July 2010
AGREE WITH WARRIER SIR, Rs. 40 lakhs turnover for business and Rs. 10 lakhs receipts for profession.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- DIN reactivation
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
