Is tax audit compulsory for a share trader?

G

gaurav1992

New Member
#1
#1
I purchase shares of 2 lakhs daily and sell them on the same day. (marginplus)

so the annual turnover will exceed 60 lakhs.

and as per sec 44AB of IT Act it is compulsory to get accounts audited, for the assessee whose annual turnover exceeds 60 lakhs.

so is there any provision to get rid of audit or i have to get my accounts audited?

thanks in advance.
 
looser

looser

Active Member
#2
#2
yes some one please reply this query, is it mandatory to get ur records audited for person having TO more than 40L in NSE cash, F&O and Commodities
 
mmca2006

mmca2006

Active Member
#4
#4
ayush2020 said:
yes need to know abt these issues........... plz any one ...
Click to expand...
please refer the following link where it is clearly stated that in maximum cases Tax audit is not applicable, only difference is , at that time turnover limit was 40 lac , now the limit is 60 lac . Mr. pankaj7 has in detailed explained it.

http://w w w.traderji.com/taxation-matters/16885-tax-audit-share-trading.html
:):)
 
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