RESPECTED MR KOTRESH PL CARIFY
mohit arora
(Querist) 29 May 2008
This query is : Resolved
SIR, I COULD NOT UNDERSTAND YOUR ANSWER ,GIVEN YESTEDAY FOR MY QUERY. PL CARIFY THE SAME. TOPIC IS WHETHER SALES OF SHARES COMES U/S 44AB OR NOT . YOU HAVE GIVEN THE ANSWER ,BUT I COULD NOT UNDERSTAND .AS FOR AS MY STATUS IS CONCERNED
I AM A LIC AGENT. PL CARIFY MY CASE.
Guest
(Expert) 29 May 2008
I have not answered your question, Sir, Before answering a query, I need to know your status under income tax.
You are an LIC agent filing you return of income in individual status, you have income from commission assessable to income tax under income from business and profession(for the year whether you have commission income or not is different, I will not go into it).
Also you have transacted in shares for transaction value of Rs.50 lakhs or more by repeating the transactions, i.e. by buying and selling the shares at frequent intervals.
Your question is though my investment is 5 lakhs, whether I require to get an audit of my accounts as the turnover crosses 40 lakhs.
In these facts, in my opinion, you are required to file an audit report issued under section 44AB of Income Tax Act.
Guest
(Expert) 03 June 2008
Hope the clarification are clear and satisfactory.
