Tax Audit

This query is : Resolved

deepak (Querist)
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27 December 2010 Dear Sir

If Mr. A is working in Company & drawing Salary of Rs. 3,00,000/- Gross & do investment & trading in shares & his turnover (Sale ) say more then Rs. 60 Lakh then is go for tax audit or not ? Is it Compulsory ? At present what is limit for Tax Audit Rs. 40 or 60 Lakh. I also want to know for turnover calcuating purpose Investment and Trading (Intra Day ) both are club or not ?

If Mr. A had to go Tax Audit then how to calculate if he earn say Rs. 25000 as investment & Rs. 10000 as trading (Intra day )& he has no saving. What is tax liablity ?

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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27 December 2010 at present tax audit limit is 60 lac.

if total trading turnover daily basis +/- both excess rs 60lac then require tax audit otherwise not required.