Dear Friends,
one of my friend trade in shares, both intra day and on delivery basis. How is turnover to be determined for tax audit u/s 44AB? is there any specifice circular from the department or is there any case laws for this?
he do have other business in which he has a turnover less than 40 lacs. should i include turnover on shares for which he takes delivery and intraday or should i consider only the shares for which delivery is taken or should i ignore both?
please let me know about the circular or case law ?
CAclubindia
