The queries are regarding Turnover of Intraday transaction to be mentioned in ITR and condition for maintaining the books of accounts. For example, consider following intraday shares transactions
Purchase value Sale value P/L 10,00,000 12,00,000 2,00,000 45,00,000 38,00,000 -7,00,000 16,00,000 19,00,000 3,00,000 --------------------------------------------------------------- 71,00,000 69,00,000 -2,00,000
So here turnover for determining tax audit would be calculated as the sum total of absolute profits minus losses made on daily transactions i.e. 2,00,000+7,00,000+3,00,000=12,00,000. And Total of Sales value is Rs. 69,00,000/-
So my questions are as follows: 1) In ITR3, while mentioning the turnover, which figure we need to mention as turnover? Rs. 12,00,000/- or Rs. 69,00,000/- 2) For condition of maintaining the Books of Accounts, sales/Turnover/gross receipt should be more than Rs. 25 lakhs. So in this case, for this condition, what turnover we would consider to check this condition.
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