Dear Friends,
Hi, I joined today. Good to meet all of you.
I wanted to know how to decide whether my case needs to be audited under Sec 44AB for the YE 31/3/07. We have heavy turnover of 5-8 Futures Transactions per day, each transaction for one lot of Futures is 1-3 lakhs. We are being told to go for auditing even though, there is loss of about 29 lakhs in some scrips and profit of 19 lakhs in some scrips, hence the net loss is about 10 lakhs. There is a profit of 1 lakh under Short-Term capital gains. Apart from this, there is interest and salary income of Rs 2 Lkahs. Please advise regarding the following:
a) Whether 44AB Audit is necessary
b) Whether any income-tax will be payable.
Please give the necessary reference to support the answer.
Thank You,
nbjumani
Hi, I joined today. Good to meet all of you.
I wanted to know how to decide whether my case needs to be audited under Sec 44AB for the YE 31/3/07. We have heavy turnover of 5-8 Futures Transactions per day, each transaction for one lot of Futures is 1-3 lakhs. We are being told to go for auditing even though, there is loss of about 29 lakhs in some scrips and profit of 19 lakhs in some scrips, hence the net loss is about 10 lakhs. There is a profit of 1 lakh under Short-Term capital gains. Apart from this, there is interest and salary income of Rs 2 Lkahs. Please advise regarding the following:
a) Whether 44AB Audit is necessary
b) Whether any income-tax will be payable.
Please give the necessary reference to support the answer.
Thank You,
nbjumani