For applying Section 44 AB for the bussiness of share trading,what we take as turnover? Is it only consider total sale of securities or consider both sale and purchase ?
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Share Trading
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For the purpose of section 44AB total sales/ gross receipts are taken for calcuating the limit of 60,00,000.
Absolutely Wrong...............
Share Trading Business is now covered under section 44AD. For calculation of turnover see guideline of ICAI. it will be false to take total sells.
Difference will be seen for 60,00,000/- u/s 44AB.
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