Threshold limit for tax audit - Applicability of tax audit
This query is : Resolved
Sankarlal N S
(Querist)
06 January 2022
Respected Sirs,
Greetings.
An assessee has dealt in share trading / Futures and options / Units whose turnover is above Rs.10 crores for the Assessment Year 2021-2022. Total Loss on account of above transactions is Rs.2.00 lacs. Other than the above, the assessee has declared an income of Rs.1.50 from other sources.
Whether the assessee is responsible for tax audit under section 44AB of the Income tax Act.
Please clarify.
With kind regards,
Greetings.
An assessee has dealt in share trading / Futures and options / Units whose turnover is above Rs.10 crores for the Assessment Year 2021-2022. Total Loss on account of above transactions is Rs.2.00 lacs. Other than the above, the assessee has declared an income of Rs.1.50 from other sources.
Whether the assessee is responsible for tax audit under section 44AB of the Income tax Act.
Please clarify.
With kind regards,
CA R SEETHARAMAN
(Expert)
06 January 2022
Turnover is above 10 crores hence tax audit applicable.
How turnover is calculated.
How turnover is calculated.
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