Share Trading turnover considered for Tax Audit

difference between purchase & sale of particular contract. If it is loss than also add it in the gain. figure arrived so will be calcuated as turnover.

Yes as kiyosh says. . . . Agreegate of diff. between purchase and sales amount weather profit or loss. . . . . Take an example:- you pur 1lot of reliance future @ rs. 3 lacs and sale it for rs. 3.25 lacs i.e. Your turnover was rs. 25000. . . . . Another example- you buy 1 lot of infosys at rs. 4Lac and sale it for Rs. 3.60 lacs i.e. Your turnover rs. 40000. . . . . . So your total turnover rs. 65000. . . . . . . . . , . . . . . . . . . . . . . . . . Tax audit become compulsory when total turnover(sum of gain and loss) exceeds rs. 60 Lacs. . . . . Thanks

Originally posted by : KIYOSH
	difference between purchase & sale of particular contract. If it is loss than also add it in the gain. figure arrived so will be calcuated as turnover.

AGREED.

Originally posted by : KIYOSH
	difference between purchase & sale of particular contract. If it is loss than also add it in the gain. figure arrived so will be calcuated as turnover.

tax audit on futures and options trading ?////////////

i did not got,aplicable to whom?????????

It is applicable to all traders (Share trading) whose turnover is above 60 lack