Whether Intra day transactions are covered while counting turnover ubder section 44AB ? If yes to what extent. Please attach Necessary Reference with answer
VINOD PARAKH
(ADVISORY COMPANY)
(69 Points)
Replied 18 March 2010
INTRADAY TRADING SHOULD BE COUNT FOR TAX AUDIT. TURNOVER LIMIT WILL BE COUNT BY SUM OF NET PROFIT / LOSS IN A SINGLE TRANSACTION. IF ALL PROFITS AND LOSSES ( NOT SALE / PURCHASE PRICE) AFTER ADDITION ARE MORE THAN 40.00 LAKHS THEN TAX AUDIT IS APPLICABLE. HERE LOSS IS ALSO ADDED TO COUNT OF TURNOVER FOR TAX AUDIT PURPOSE.
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