tax audit

This query is : Resolved

Aasheesh leve (Querist)
17 April 2010

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 (Expert)
17 April 2010

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 (Expert)
17 April 2010

17 April 2010 AGREE WITH ASHOK JI.

B.Chackrapani Warrier (Expert)
17 April 2010

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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