Hey Friends,
One of our client have Business Turnover Rs 25L and Share Transaction (Delivery) Turnover Rs 25L,
where Formal stands in B/P and Later stands for CG. Shall we considered as Group and go for Tax Audit.
Advise, Thanks
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Tax Audti Define
Replies (2)
Business TO of Rs. 25 Lakhs is fine.. But in case of Share Transactions, though it is by delivery, the frequency of the transactions should be considered. It the volume of transactions is high it shall be construed as business income and shall be liable for Tax Audit (25L+25L).
On the other hand, if it is capital gain, as business income is only Rs. 25Lakhs - no Tax Audit.
Please correct me if I am wrong.
Is their any specific case study or judgement, pl. let me know to put in record.
I think this is purely on assumption and depend on the CA's to whom we deal,right.
With positive hope to clear my own doubt.
Thanks
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