when sales of shares exceeds 40 lacs
This query is : Resolved
26 May 2008
sir, i am dealing in purchase and sales of shares on delivery basis. if my sales exceeds 40 lacs then i have to audit. we have received three statements from our broker 1) contract notes 2)profit&loss account 3)ledger . by providing all these statements to my CA, audit will be possible or not. whether i have to maintain any accounts in addition to providing all the above statements or there is no need of it.
26 May 2008
Accounts relating to your business has also to be maintained and made available for audit. Example: your bank book, your ledger containing creditors debtors and other personal and nominal accounts, and so on.
26 May 2008
When someone falls under audit provisions u/s 44AB ,his accounts are to be audited and not only his share transactions.
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