Tax Audit u/s 44AB
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
21 March 2009
Limit of Turnover is 40 lakhs for tax audit. How the same is calculated in case of share/Mutual Fund trading?
CA.Tarun Maheshwari
(Expert)
21 March 2009
In summary it is calculated On the basis of total amount of profit and loss (Both should be added, even loss to be added as positive figure and not negative figure)on purchase/sale of shares. If this total cross 40 Lacs, then it shall be covered in tax audit
CA Nitin Wadhwani
(Expert)
21 March 2009
Mr.Tarun is right but the above is to be followed when trades are executed without the actual delivery of the underlying assets.
If their is delivery, the total amount of transactions is to be considered.
If their is delivery, the total amount of transactions is to be considered.
CA.Tarun Maheshwari
(Expert)
22 March 2009
Agreed.
C A GROUP COACHING
(Expert)
27 March 2009
I am of an opinion that when delivery trades are executed it tantamounts to Investments
I know it depends on the main activities of the assessee whether a share broking house or similar, else how would you treat shares as stock in trade.
Experts Pls correct if my view stands wrong somewhere
I know it depends on the main activities of the assessee whether a share broking house or similar, else how would you treat shares as stock in trade.
Experts Pls correct if my view stands wrong somewhere
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