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provision for calculating turnover us 44AB for Nifty future

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(Querist)
13 March 2009 Dear Sir,
What are The Provision For Claculating turnover u/s 44 AB of Incopme Tax Act For Tax Audit , If A person trades in Nifty only mostly on intra day basis
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
13 March 2009 Daily margine will be considered as gross receipt for the turnover under section 44AB.

Irrespective of the turnover of the transaction.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
13 March 2009 Only the Gain "and" the loss amount.
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