tax audit

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Aasheesh leve (Querist)
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17 April 2010 Dear sir

My name is Aasheesh leve, age 25 years. I am a trader in share market. I am doing share trading on daily basis (intra day)
My intra day turnover for the previous year 2009-10 exceeds Rs. 40 lakhs.
My net result for 2009-10 is Rs. -95000 (loss). Do I need to get the accounts audited

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Aasheesh leve 9827205603

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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17 April 2010 not need to get the accounts audited.

for intra day trading consider net result not sale or purchase

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 April 2010 AGREE WITH ASHOK JI.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 April 2010 Sale value can be ignored for 44AB.
The turn over is the sum of profit and loss meaning thereby if you made a profit of Rs.30/- lakhs a day and a loss of Rs 40/- lakhs on another day, turnover for 44AB is Rs.70/-lakhs and not the net result (-) Rs. 10/- lakhs.

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