sir, please guide F& O loss set off Ageist Partnership Salary ******* Salary 6 lakh & Loss 10Lakh 4 Lakh C/f Second F & O is profit or Loss treated as business income can Audit Applicable (Turnover Bess )
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 12 September 2018
1. Yes.
2. Depends upon turnover of F&O transactions...
MAYUR
(PROP)
(97 Points)
Replied 13 September 2018
sir,
F & O 2 or 3 Transaction cross 1 Crore Then Audit !!!!
or
F& o Margin money turnover cross 1 crore after audit
or
Sale & Purchase (proft or loss ) turnover cross 1 crore
please explain in details its very confusion about F& O income
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 13 September 2018
For the purpose of determining the turnover in case of future and options, based on the guidance note of ICAI , following items should be considered to constitute turnover:-
- The total of positive and negative differences , plus
- Premium received on sale of options is also to be included in turnover ,plus
- In respect of any reverse trades entered, the difference thereon But not the total value of contract.
For details refer: fo-trader-turnover-return-filing
MAYUR
(PROP)
(97 Points)
Replied 18 September 2018
sir,
we can understand please cleafication with example
My total F & o Turnover Buy Side Rs 23 .41 Crore (Future & option both Mix ) readymade statemnt from brokar no any accounts maintane
Sale Side Rs.23.32 Crore Net Loss 9.38 lakh
& Partnership Salary Income 2.00 lakh
other Business Income 2.00 Lakh
---------------
6 Lakh Loss C/f Next year [but please explain can Audit Book]
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 19 September 2018
For calculation of sec. 44AB, the books are required to be prepared based on differencial amount and not total sales value......
By overview, audit will be applicable in your case, as it seems, net turnover would be more than 1 cr.
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