banner_ad

Tax Audit

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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 ?
Profile Image

CA Ashok Kumar Sahu

Profile Image

CA Ashok Kumar Sahu (Expert)
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.
Profile Image

CA Shailesh Kumar Bhagat

Profile Image

CA Shailesh Kumar Bhagat (Expert)
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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 31 May 2026
CHARTERED ACCOUNTANT ARTICLE ASSISTANT

KPRS And Associates

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details