my client sold shares for consideration of 1.20 crores.. major are short term.
weather tax audit applicable.
but net realised profit is 5.6 lakhs.
simply file the return showing profit. pls. clarify.
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Sale consideration. of equity
Replies (4)
Consider under capital gain .No Audit is required..
If you consider it under business then you may have to get the accounts audited ..
If you consider it under business then you may have to get the accounts audited ..
Applicability of audit solely depends upon the head in which income is offered to tax.
Is it business income for you ?
There's no need for an audit if this is a personal investment, regardless of the value.
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