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. SIR SOMEONE TOLD ME THAT YOU HAVE TO PROVIDE ONLY THREE STATEMENTS AND NEED NOT TO MAKE ANY ACCOUNTS
26 May 2008
Repeated query, already answered
26 May 2008
SEC 44 AA AND RULE 6 F SPECIFY BOOKS OF ACCOUNTS TO BE MAINTAINED BY SPECIFIED PROFESSIONS. YOURS IS NOT UNDER SPECIFIED PROFESSIONS.
THE CBDT HAS NOT PRESCRIBED ANY BOOKS OF ACCOUNTS FOR YOUR CATEGORY.
HOWEVER SUCH PERSONS ARE REQUIRED TO MAINTAIN SUCH BOOKS OF ACCOUNTS AND OTHER DOCUMENTS AS MAY ENABLE THE ASSESSING OFFICER TO COMPUTE THEIR TAXABLE INCOME UNDER IT ACT.THEREFORE YOU MAY SUBMIT THE AVAILABLE RECORDS TO YOUR AUDITOR (FOR TAX AUDIT) WHO WILL COMPLETE TAX AUDIT AND SUBMIT REPORT.IF THERE ARE ANY FURTHER REQUIREMENTS OF BOOKS OF ACCTS,YOUR AUDITOR SHALL LET YOU KNOW.
HOWEVER IT IS THE ASSESSING OFFICER WHO IS THE ULTIMATE TO CALL FOR SUCH BOOKS OR RECORDS AS MAY BE REQUIRED.BUT BASIC BOOS LIKE LEDGER AND CONTRACT NOTES ARE ALREADY WITH YOU.BANK BPPK OR CASH BOOK MAY ALSO BE ASKED IF NECESSARY, IF ASSESSING OFFICER IS NOT SATISFIED WITH TAX AUDIT REPORT AND AVAILABLE RECORD.
R.V.RAO
THE CBDT HAS NOT PRESCRIBED ANY BOOKS OF ACCOUNTS FOR YOUR CATEGORY.
HOWEVER SUCH PERSONS ARE REQUIRED TO MAINTAIN SUCH BOOKS OF ACCOUNTS AND OTHER DOCUMENTS AS MAY ENABLE THE ASSESSING OFFICER TO COMPUTE THEIR TAXABLE INCOME UNDER IT ACT.THEREFORE YOU MAY SUBMIT THE AVAILABLE RECORDS TO YOUR AUDITOR (FOR TAX AUDIT) WHO WILL COMPLETE TAX AUDIT AND SUBMIT REPORT.IF THERE ARE ANY FURTHER REQUIREMENTS OF BOOKS OF ACCTS,YOUR AUDITOR SHALL LET YOU KNOW.
HOWEVER IT IS THE ASSESSING OFFICER WHO IS THE ULTIMATE TO CALL FOR SUCH BOOKS OR RECORDS AS MAY BE REQUIRED.BUT BASIC BOOS LIKE LEDGER AND CONTRACT NOTES ARE ALREADY WITH YOU.BANK BPPK OR CASH BOOK MAY ALSO BE ASKED IF NECESSARY, IF ASSESSING OFFICER IS NOT SATISFIED WITH TAX AUDIT REPORT AND AVAILABLE RECORD.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Clarification Required on Filing Form 141 for Joint Buyers
- HOUSING LOAN ISSUE
- Taxability of Partnership firm for FY 2025-26
- Portuguese Civil Code IT Return
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- GST Rate for Catering Services
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
