Tax Audir for traders in market

Stat Audit 728 views 3 replies

 

Hi

Have an query. Is tax audit required in case my turnover in the Futures and Options segment have excedded Rs40L during the year. Also, in case my Cash segment turnover also exceeds the limit is Tax audit required/mandatory

Regards

Sagar

Replies (3)

Dear Mr. Sagar

Yes it will be covered by tax audit subject to if  the Net profit / Net loss exceed Rs.40 Lacs .

 

Thanx & Regards 

Neeraj Taneja 

 

 

if you are broker then your books of accounts U/s  44ab of income tax act will be audited.............other wise not

hi

i think when the turnover exceeds 40L. tax audit should be required irrespective of profits or loss. as it would be considered business of the regular basis

Regards

Sagar


CCI Pro

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