08 January 2012
hi can anyone plz tell me that i have been trading in future segment in share market as an indivdual.am i liable to tax audit? wat r the conditions to be fullfilled for tax audit and how turnover is calculated? plz mention the section number/circular /notifications if possible i have read in some post that the difffernce of favourable and unfavourable diferences r taken as turnover so is it true .plz help me out
08 January 2012
As per Guidance note of ICAI, turnover in case of future transactions, is to be calculated as aggregate of favourable and unfavourable i.e. profits and losses respectively. Hence, as an individual, you are required to total 1. all the favourable and 2. all unfavourable differences
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