Turnover in f & o
This query is : Open
24 May 2018
In case of F&O turnover is sum of negatives and positives i.e. in one case I have 50000 profit and in other case 10000 loss then turnover is Rs.60000/- for the purpose of tax audit. However the question rises in my mind is whether this figure is to be shown in P & L account of ITR-3 (old ITR-4) and if this figures is to be shown as turnover in P & L then how we can reach the actual profit from F& O which only Rs.40000/-. Please guide
Thanks
Thanks
24 May 2018
There is no need to show "Turnover" in PL. You can just show the profit/loss in the Profit & Loss A/c as other income.
24 May 2018
Sir, then how will an officer or software understand that the case is an tax audit case ?
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