Hello experts...f&o trading and tax

AMEYA PATIL (analyst) (24 Points)

30 September 2015  

Hello 

I have traded in Futures and markets and have got loss of 1 lakh.

however my turnover is above 1 crore as i saw my total debit and credit values

this was for FY 2014-15

My CA says that i will have to bear penelty of 1.5 lakhs for not doing audit

As the dates have excedeed now what can i do..

Tell me how do i calculate turnover for fno trading

Please help guys