Dear sir,
1) so normal ITR without tax audit file can be filed by 31st july and loss can be c/f to set off.
2) I have one more doubt which is not yet clear sir . You have mentioned one zerodha link for calculation of option turnover .
Accordingly.
In options, if you buy 100 or 4 lots of Nifty 8200 calls at Rs.20 and sell at Rs.30. Firstly, the favorable difference or profit of Rs 1000 (10 x 100) is the turnover. But premium received on sale also has to be considered turnover, which is Rs 30 x 100 = Rs 3000. So total turnover on this option trade = 1000 +3000 = Rs 4000.
But I read many other expert views and talk to few CA as well. They said just take sum of fav plus unfav difference in case of option as we take in future. Here the amount of 30 x 1000 =3,000 is not premium received which is pointed out in 2nd caluse as per ICAI guideline for calculation of option turnover.
That will apply when we write options.
For eg. premium received on sale of option means when the option was sold for Rs. 40 but expired worthless (no transaction for buy side, then complete Rs. 40 (sale price ) would be considered for turnover.
Even in case of my example my total of fav plus unfav diff is 70 lacs (option trade ) but if add all squarred of value also it will cross 1 cr then . If I calculate like this ,straight away tax audit applicable.
Kindly suggest.
CAclubindia
