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
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
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.
Message likes :
3 times
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- Multiple trade mark
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Copyright software
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- TDS LATE PAYMENT
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
