if a person having INCOME FROM 1)salary (2,00,000)&
2)also doing share market.
a)(EQUITY_dealt with intraday,short-term)
(buy value=3,00,00,000
sale value =2,97,00,000
Loss =3,00,000)
Loss 50000 from intraday, &250000 from short-term(holding more than 1day)
b)FUTURES& OPTIONS
(LOSS_RS.5000)..
please advise..
1)tax audit is applicable??
turnover is considered a or b.
a) sale value (2.97cr) or
b) loss value(3lakhs)...
I searched in google..few are saying a few are saying b..
so please share exact information
2)WHICH ITR??3/2/1.
Accordingly, the aggregate of both positive and negative differences is to be considered as the turnover of such transactions for determining the liability to audit vides section 44AB, whether the differences are positive or negative.
DETERMINATION OF TURNOVER IN RESPECT OF NON SPECULATIVE TRANSACTION
Determination of turnover in case of F&O is one of the important factors for every individual for the income tax purpose. Turnover must be firstly calculated, in the manner explained below:
1. The total of positive and negative or favorable and unfavorable differences shall be taken as turnover.
2. Premium received on sale of options is to be included in turnover.
3. In respect of any reverse trades entered, the difference thereon shall also form part of the turnover.
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