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tax audit

This query is : Resolved 

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


not need to get the accounts audited.

for intra day trading consider net result not sale or purchase

AGREE WITH ASHOK JI.

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.

Agree with the latest expert...

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


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