Section 44AB Audit
This query is : Resolved
JAVED SHEIKH
(Querist)
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.
JAVED SHEIKH
(Querist)
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
CA Ravi Sisodia
(Expert)
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
- Reward for festival
- GSTR9 Annual Return
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Ito add credit side of bank
- Rent agreement of House of deceased person
- Import of Capital Machine
- Form 144 TDS Return Validation error
- Appointment of Auditor By Form ADT-1
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
