TAX AUDIT

no. intraday is not regarded as turnover

Hi

A person is liable to get his books of accounts audited u/s 44AB of the Income-tax Act, 1961 only when his/ her/ its gross receipts from business/ profession exceeds Rs.40 Lakhs/ Rs.10 Lakhs (respectively)

Your gross receipts (turnover) from intra-day share trading is not material in this regard as income from such source is not considered as income from Business/ Profession. (Unless you are a registered sub-broker)

Rather such income is covered under head Income from Capital Gains

Intraday trading of equity shares is not regarded as turnover for the purpose of tax audit under section 44 AB of The Income Tax Act, 1961.

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john

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Iam statred a bpo company in indai.Now i want to file my company returns,But i dont know how to do this.

=======================================

john

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Iam statred a bpo company in indai.Now i want to file my company returns,But i dont know how to do this.

=======================================

john

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