please advise me how to calculate turnover for audit purpose as per given below details :- 1. how to calculate turnover for audit purpose when we purchase and sale shares on same day i.e. future & option. 2. purchase and sale of shares on different day and STT is paid. holding period below 1 year 3. purchase and sale of shares on different day and STT is paid. holding period above 1 year.
13 March 2017
In case of Trading in shares and securities, for the purpose of section 44AB a) Profit / Margin earned is to be treated as Turnover in case of Intra-day sale and F&O Trading b) In case of STT Paid and shares sold within 1 year, sale amount of shares is to be considered as turnover u/s 44AB c) In case of STT Paid and shares sold after 1 year, Sale amount of shares is to be considered as turnover u/s 44AB You will not get the benefit of long term capital gain exemption in case of business income.
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