Whether the obligation of Sec.44AB only for Income from Pr
This query is : Resolved
Vijay Kr. Mishra
(Querist)
04 July 2009
During the Fin. Year 2008-2009 Sales amount in Shares is Rs.38,00,000/- & the Sales amount my other Proprietorship Retail Business is Rs. 31,50,000/- Should I go for Audit ? Is Section 44AB applies to get books of accounts Audit only in “Profit and gain of Business or Profession” if Turnover exceed Rs. 40,00,000/-.
04 July 2009
ur accounts are required to be audited becz turnover from all businesses is considered for 40 lac limit.
05 July 2009
i dnt think so sale of shares will be covered under capital gains and not in PGBP so audit will not be required
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05 July 2009
if assessee is dealing in shares then it will be his business then it will be counted for turnover for tax audit.
05 July 2009
Better option is the view of Mr. Jitender.
Ratan Sharma
(Expert)
06 July 2009
If the income from sale of shares are shown under income from capital gain then there is no requirement of audit u/s. 44AB. If it is shown as business income then audit is required.
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