Section 44ab (tax audit )

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2012 Dear Experts,

What is the meaning of turnover as per sec 44AB, wheather Intra day trading of stocks or in cases of future contracts the whole amount for contracts entered to be considered or only the margin money.

Pls share with me some article or judgement or circular with this respect.

Thanks in Advance.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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04 October 2012 For the purpose of derivatives or future contracts turnover for the purpose of Section 44AB will consider Gross Profit + Gross Loss on such trading. For your confirmation please provide your email ID i will send you 44AB guidance notes issued by the ICAI.

OM SAI SRI SAI JAI JAI SAI

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Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2012 Thanks for quick and to the point reply...my mail id is mohitgoyal6@gmail.com (request you to provide me the guidance note on 44AB as issued by ICAI)

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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04 October 2012 I send the mail please check it.

OM SAI SRI SAI JAI JAI SAI

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