Shares audit

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Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 sir i have purched shares worth 50000 and and same day i sold had worth 25000 than in few day i remaining in 26500 so what would be my turnover for the audit purpose.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 July 2013 Turnover in your case would be Net of sales -purchase.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 sir it means my tunrover would be 1500 rs right please reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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08 July 2013 yes 1500....

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2013 thank you sir. so if we consider tax audit for shares than this turnover should be more than 40 lacs right. please reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 July 2013 Now it has changed to rs 1 crore for business and 25 lakhs for professionals.

Ganeshbabu K

Ganeshbabu K (Expert)
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11 July 2013 For professionals tax audit limit is 25 lakhs..not 40 lakhs

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2013 Sir this year my delivery base purchase is 13lacs and sale is near to 6 lacs and non delivery base sale is 12 lac so what would be my turn over for share audit do i required share audit or not please reply.