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    rohit2974's Avatar
    rohit2974 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 11, 2006, 10:35 PM
    Indian Income Tax Act
    That I'm an assesee in the indian income Tax Act ,who deals in Future contracts and do trading in Commodities at NCEDX and MCEDX .I only do contracts(of sales and purchases) of the commodities at a premium amount of 10% margin and at the time of settelment the net of contract amount is credited or debited in the account.suppose I contract for more than 40 lakhs .i.e limit of Tax Audit u/s 44AB but my difference is say 1 lakh only.All this trading is not done on actual delivery basis.In this circumstances what is the total turnover for Tax Audit u/s 44AB?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 12, 2006, 03:58 PM
    Sorry, I cannot help you.
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