Tax audit applicable or not
This query is : Resolved
17 September 2016
My query is that one of client having business of retail trading of bags who is proprietor also he is doing trading in equity shares on delivery based transaction, in AY 16-17 turnover of business is only 10 lakhs, at the same time turnover of trading of shares in equity is rs.2 crores (first time crosses Rs, 1 crore in equity trading ) and incurred long term capital gain of rs 60000/- and short term losses of rs.132000
now whether he is liable to tax audit or not?
If liable then which Business to be shown in tax audit
now whether he is liable to tax audit or not?
If liable then which Business to be shown in tax audit
Amol S Joglekar
(Expert)
17 September 2016
yes, you should go for tax audit....
you need to report both the businesses in the report
you need to report both the businesses in the report
Kaushik Joshi
(Expert)
18 September 2016
Dear Nimesh,
it will depend upon your intention. whether trading was done from view of earning profit or from investment point of view? In case of earlier view audit is required and in latter view it won't be required.
18 September 2016
Tax audit applies to both business since the aggregate amount of sales exceeded the threshold limit.
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