Is there any requirement for tax audit for share market & mutual funds transaction? If so,the year when this became applicable & the turnover limit above which it is compulsory.
Is there any requirement for tax audit for share market & mutual funds transaction? If so,the year when this became applicable & the turnover limit above which it is compulsory.
Hey upto mu knowledge no tax audit required as far as stock markets are concerned....... Only SEBI can order for investigation ..................
Dear Sir,
If Capital Market transactions are treated as "Business" then YES, tax audit will be required in the year in which turnover exceeds the threshold limits specified u/s 44AB.
Where it is treated as "Investmens/Capital Gains" then NO, tax audit will not be required.
Agreed With Amir
CAclubindia
