tax audit

This query is : Resolved

Aasheesh leve (Querist)
Follow

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

Please reply
Aasheesh leve 9827205603

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
Follow

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)
Follow

17 April 2010 AGREE WITH ASHOK JI.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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.

Message likes : 2 times

CA. Ashish Bihani

CA. Ashish Bihani (Expert)
Follow

17 April 2010 Agree with the latest expert...

Sum total of absolute values of profit and loss is considered.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

bhagat ram goyal

jagadheswar goud

Jaipal Singh

HITESH PATEL

NISHANT SIPANI

Subscribe Now

tax audit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA