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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- 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
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
