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Transaction in future market

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(Querist)
18 August 2008 let if our transaction in future mkt. goes to rs. 1,00,00,000 but net profit remains only rs.1,68,000/- then are we liable to maintain books of accounts and liable to tax audit?
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Aman Mohley

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Aman Mohley (Querist)
18 August 2008 let if our transaction in future mkt. goes to rs. 1,00,00,000 but net profit remains only rs.1,68,000/- then are we liable to maintain books of accounts and liable to tax audit?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
19 August 2008 As per section 44AA u are supposed to maintain books of accounts as the profit exceeds Rs 120000/-.

However, for the purpose of Tax audit the the profit or loss in derivative transactions are to be summed up if these exceed Rs 40lacs only in that case tax audit is required. In ur case the net result is a profit of Rs 168000/- as such sum up the profits and losss to analyse the figure of Gross Receipt/Turnover for the purpose of Tax Audit
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