TAX Audit

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sandeepa (Querist)
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14 October 2016 Dear Sir, any Share transaction is crossed more than 3 cror in the FY 2015 - 16. this is comes under tax audit. if any charactered accountent is required. please tell me sir

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 October 2016 The income tax act says that if your turnover exceeds Rs 1 crore in a financial year, you have to get Tax audit done. But in this case to calculate turnover, sum up the value of your positive and negative trades. Say if you have a positive F&O trade of Rs 80,000 and negative trade of Rs 60,000, your income is Rs 20,000 but your turnover shall be Rs 1,40,000.

sandeepa

sandeepa (Querist)
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14 October 2016 sir he is salaries person he is not business person. share statement as shown 3cror intra day transaction sir. if any CA is required sir

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 October 2016 If the total of Positive and Negative trades exceeds Rs 1 Crore than Tax Audit is required to be done by a Chartered Accountant in Practice.

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