Share trading
This query is : Open
23 April 2014
i am a daily trading in equity share trading mostly intraday i purchase/sale in intraday total value to 3.04 crores value and prfit is only 1003/ rs during 13-14 ay year shall i need to audit my return my other income is 3 lacs only
23 April 2014
yes...audit is applicable to your case.
23 April 2014
but i undestand that if reverse order is placed in intraday the value traded is not the turn over only difference favorable/un favorable is considerd for calculating turn over am i right
23 April 2014
well your language suggested that 3.04 cr is the total of the favorable and unfavorable trades. if that total exceeds Rs 1 cr, then you have to go for tax audit.
23 April 2014
no that if i by 500 share @100=50000 in morning and sell them @110=55000in afternoon intraday trading so traded value is 105000 and profit is 5000.
23 April 2014
you need to include only Rs 5000 in the turnover..
23 April 2014
now if i buy call option 6800ca 100 quantity @45/each=4500/- and sell before expiry or on the same day @50/each=5000 so my profit is 500/- but value traded is 4500+5000=9500 so which is value is to be taken for turn over for audit purposes
27 April 2014
9500 would be turnover for getting audit.. to put to an end of your all doubts u have to consider turnover including profits.
27 April 2014
some body tell me that profit+loss is total in F&O trade as no delivery is taken place accrding to him only 500/- is the turn over so pl.clarify
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