Turnover calculation of F&O
This query is : Resolved
17 June 2022
I would like know how to calculate turnover for trading made in Futures and Trading made in Options. what is the limit for tax audit?
17 June 2022
In simpler terms, under F&O trading, the turnover of futures will be the absolute profit, which is the sum of positive and negative differences.
Tax audit applicable when such turnover exceed 1 crore.
Tax audit applicable when such turnover exceed 1 crore.
17 June 2022
The tax audit limit is Rs. 1 crore for business and Rs. 50 Lakhs for professionals.
The tax audit limit will be increased to Rs. 10 core for businesses which have cash receipts and cash less than 5% and all other transactions are through digital modes.
For turnover calculation, you can refer to this below link:
https://www.caclubindia.com/forum/calculation-of-turnover-in-case-of-f-amp-o-trading-364309.asp
The tax audit limit will be increased to Rs. 10 core for businesses which have cash receipts and cash less than 5% and all other transactions are through digital modes.
For turnover calculation, you can refer to this below link:
https://www.caclubindia.com/forum/calculation-of-turnover-in-case-of-f-amp-o-trading-364309.asp
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