Derivative inttra-day turnover cross 40,00,000

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Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2010 Whether accounts to be gets audited under income tax act if Derivative inttra-day turnover cross 40,00,000

Rahul Vora

Rahul Vora (Expert)
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25 January 2010 Incase of derivaties intra day trading, the accounts are to be audited, if the total of profit and loss taken together crosses Rs.40 L and not the total turnover. For eg., if total profit is Rs.22 L and total loss is Rs.20 L, then the accounts are to be audited as the total of profit and loss is Rs.42 L.