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f&o Turnover cross check

Anonymous (Business) (240 Points)

20 July 2018

when we submit ITR where no tax audit requirement , how ITax deptt cross verify the figure of turnover ? whether broker send then stt report ?

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Raj B (Owner) (97 Points)
Replied 21 July 2018

Yea, the broker has to file STT report and apart from this, they also capture date using your PAN.

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Anonymous (Business) (240 Points)
Replied 22 July 2018

Sir
In future and option trading nothing can be hide as u said above.
That means if client has profit or loss its visible in broking pvt ltd company books also.
if profit we have to declare actual because its clearly visible in books. Declaring 6 % even actual profit in books 8 % is underreporting of income.
then if loss why tax audit require ?
our reporting loss is same as visible in broker books.

Tax audit should be for those who do not maaintain accounts and still declare income less than 6 % of turnover.

whats ur views.