tax audit
This query is : Resolved
11 April 2009
Sir,
If assessee is individual salaried person having salry less than 300000/- P.A.
He also having short term capital gain from share market by trading in to share market online more in intra day .
Now qyery is
The total intra day transactions sale amt total is more tha 40 Lacs in a financial year but profit is between 50000 - 150000 in year.
i.e. he is doing transactions in numbers of times so his sale total increases more than 40 lacs.
then can U tell me assessee is liable for Tax audtit.
If assessee is individual salaried person having salry less than 300000/- P.A.
He also having short term capital gain from share market by trading in to share market online more in intra day .
Now qyery is
The total intra day transactions sale amt total is more tha 40 Lacs in a financial year but profit is between 50000 - 150000 in year.
i.e. he is doing transactions in numbers of times so his sale total increases more than 40 lacs.
then can U tell me assessee is liable for Tax audtit.
11 April 2009
Yes. If the sale and purchase transaction exceeds rs.40 Lakhs irrespective of profit made tax audit has to be conducted for his accounts.
11 April 2009
i support
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Traces submitting correction statement error
- NRI INSURANCE ADVISOR
- Missed TDS
- IT returns for fresh job holders
- F&O reporting in ITR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
