TAX AUDIT OR NOT
This query is : Resolved
05 October 2007
DEAR
ONE OF OUR CLINET INVESTING IN SHARES THRO IPO BUY SELL IN SECONDRY MARKET , IF THERE INTRA DAY VOLUE ARE OTHER THAN 40 LACS IN RUPEE
IT IS NECESSARY TO DONE TAX AUDIT OF THEIR BOOKS OF ACCOUNTS AS PER NEW IT NOTIFICATION.
SANJAY
ONE OF OUR CLINET INVESTING IN SHARES THRO IPO BUY SELL IN SECONDRY MARKET , IF THERE INTRA DAY VOLUE ARE OTHER THAN 40 LACS IN RUPEE
IT IS NECESSARY TO DONE TAX AUDIT OF THEIR BOOKS OF ACCOUNTS AS PER NEW IT NOTIFICATION.
SANJAY
Ravikumar.G
(Expert)
05 October 2007
If the client doing as "Business or profession" it will come under sec 44AB (Tax Audit). Otherwise it will come under capital gain where tax audit is not required.
06 October 2007
No Mr. Ravikumar, Its purely Business Income (Daily Trading is a Business) and therefore Tax Audit is Compulsary in above case
Ravikumar.G
(Expert)
10 October 2007
Thanks
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