tax audit
This query is : Resolved
12 June 2010
assesee has one business of retail trade and he also deals in shares in future market.his shares turnover exceeds Rs. 40lacs but his retail busines is closed after running for three months.so whether we have to audit both business or only one which exceeds turnover
12 June 2010
The absolute value of gain or loss in future's trading of shares are to be considered as turnover of that business. Then the turnover aforesaid is more than the threshold limit of tax audit, that account has to be audited under section 44AB. If the assessee opts for presumptive taxation turnover of retail business will not be considered for tax audit. Otherwise turn over of both business added together if crosses the limit, both accounts are to be audited under section 44AB if the assessee is an individual.
12 June 2010
agree with Warrier Sir
12 June 2010
agree
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
