hi
I would like know your suggestions regarding Tax Audit of F & O Transaction. Which amount should taken as Turnover for the Purpose of Tax Audit, Full Lot Amount of Margin Money or the Profit/Loss earned/incurred
2 Replies
Nitesh
(Chartered Accountant)
(340 Points)
Replied 24 August 2007
there ambiquity for this but as per guidance note issued by icai for tax audit issued it specifies the turnover of daily trader would be difference between sale and purchase irrespective profit or loss. in case of F & O also i think the same concept will aplly
SRINATHA
(EMPLOYEE)
(90 Points)
Replied 24 August 2007
For options, only the premium paid is treated as turnover
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