Audit u/s 44ab

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accountant
41 Points Posted on 02 June 2012

HELLO... MY QUESTION IS

:If a person is engaged in share trading and turnover of delivery based buying & selling is less than 60 lacs but speculation business in share trading where intra-day sale purchase is effected but delivery is not taken exceeds 60 lacs, is tax audit applicable ? IF YES PLEASE QUOTE CITATION,IF NO PLEASE QUOTE CITATION.THANX...

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On 02 June 2012 at 18:35 Report
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CA IPCC
748 Points Posted on 04 June 2012

Yes. Tax Audit is applicable if turnover from speculation business exceeds 60 Lakhs..

Speculative business is also covered under same section 44AB...

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On 04 June 2012 at 18:06

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