banner_ad

whether audit u/s 44AB is required?

Tax queries 803 views 4 replies

Intraday trades of Rs. 4crores in a year by an Individual...

whether tax audit u/s 44AB is required?

Replies (4)

consider profit and loss for calculation of 40 lakhs

HI Bro,

 

In case of a day trader/speculator - 

Para 5.11(a) of ICAI Guidance Note – sum total of differences, whether positive or negative

Eg- Profit = 40 Lacs

        Loss = 25 Lacs 

Net Profit = 15 Lacs

Tax Audit will be required since turnover in this case will be Rs. 40+25 = 65 Lacs

Yes turnover in case of speculative transactions is the sum of positive and negative differences during the year and not the actual sale made during the year.

Thank u everyone...

:):)


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details