Dear Friends..
For teh purpose of Income tax audit what is th meaning of turnover for the person who is dealing in sale /purchase of futures and options..
whether margin money is to be considered for turnover calculation or sale/purchase value??
Thanks
Sumit
“The term ‘turnover’ for the purposes of this section may be interpreted to mean the aggregate amount for which sales are effected or services rendered by an enterprises”.
so u need to take only sales effected by you not the margin money
CAclubindia
