speculation income

s, its liable for tax audit.

tax audit is done for individual and the business income the individual in your case 57 lakhs + 36 lakshs = 93 lakhs exceeds the limit of 60 lakhs.

Hi friend,

He is liable to tax audit as the total income from both business and speculation income exceeds the limit of tax audit i,e 40 lakhs , in the current year he i liable to tax audit, from F.Y 10-11 i,e A.Y 11-12 the limit as increaed to 60 lakhs ,  

Receipts of assessee by way of sale or trading business and receipts for doing job work can be clubbed for finding out whether limit of Rs. 40 lakhs prescribed for attracting provi­sions of section 44AB. so i think it will be clubbed for the purpose of sec. 44AB.

Originally posted by : puja
	If the speculation income of a bussiness is say 57 lacs, and the business income of a particular business is 36 lacs , then is it liable for tax audit ??

Thanx to every 1