Section 44AB Audit

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JAVED SHEIKH (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

JAVED SHEIKH

JAVED SHEIKH (Querist)
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17 July 2010 What is the threshold limit for FY 2009-10 (AY 2010-11) for having audit of books of accounts ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 July 2010 Rs.40/- lakhs for business and Rs.10/- lakhs for profession.

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CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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17 July 2010 AGREE WITH WARRIER SIR, Rs. 40 lakhs turnover for business and Rs. 10 lakhs receipts for profession.

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