Tax Audit
This query is : Resolved
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 ?
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 ?
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.
if total trading turnover daily basis +/- both excess rs 60lac then require tax audit otherwise not required.
27 December 2010
Since Mr A is not doing any business , tax audit will not be applicable in this case.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
