i m doing share business[deratives]
2006-11-16 04:54:10 · 3 answers · asked by vishal b 2 in Business & Finance ➔ Taxes ➔ India
I am not a C.A., But I know about this. In your case 40 lakhs is not sales or purchases. Your business is speculation, that is you will not take delivery of the deratives. You will only take/pay the difference. In your case, the turnover is the net receipts 40 laksh. In a financial year if you buy deratives worth 10 crores and if the same were sold for 10 crores and 35 lakhs, that is your turnover is only 35 lakhs. Not 10 crores or 10.35 crores.
I am sure about it. You can ask any Income Tax consultant.
2006-11-17 00:40:29 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes it's cumpolsory especially if you are registered under vat. As you have to fill up a form no. 704 which is an audit report generated by a chartered accountant. In Maharshtra the date of filing of form no. 704 is 31st jan 2007 & after filing the 704 form if u wish to revise it the last date is 28th feb 2007,
regards
Milind Patil
2006-11-16 20:52:14 · answer #2 · answered by milpat25364 1 · 0⤊ 0⤋
Absolutly, when will become turnover(sales or purchase) more than 40 lacs, Audit is complusory.
2006-11-17 05:30:04 · answer #3 · answered by jimmy_rakeshpatel 1 · 0⤊ 0⤋