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f&o turnover audit

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(Querist)
09 January 2010 Which of the following statement is true for the purpose of AUDIT with regard to F&O turnover :-

A) The total difference between Buy and Sell price of F&O contracts is taken to calculate the 40 Lakh limit, i.e. the profit + loss + premium on options recd + premiums paid.

B) The total difference between Buy and Sell price of F&O contracts is taken to calculate the 40 Lakh limit, i.e. the profit + loss + premium on options recd (By selling option contracts).
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
09 January 2010 Turnover in case of derivates is sum of of favourable differences and unfavourable differences and sum of options premium paid and received
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