tax audit
This query is : Resolved
sujit birajdar
(Querist)
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.
CA. B.SRINIVASULU
(Expert)
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
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Query on effect of registration of property
- Visiting card purchase
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
