29 April 2022
Dear Friends, In F&O Transaction how to calculate turnover and how to account F&O transaction in books of accounts. If it comes under tax audit what amount as a turnover needs to specify in Ratio calculation part.
30 April 2022
Turnover for F & O is total of profit+ total of loss (in positive value )+ sale value. Audit is compulsory if turnover is above 10 crores but you have to compulsorily declare 6% of turnover as profit.
07 May 2022
Dear Madam/Sri, I don't want to declare 6% profit. I want to audit. In 3CD form what turnover need to be entered. F&O turnover in my case-1.3 crore profit on sale of f&o - 2005282.8 Loss on sale of f&o - 1883766.7 Total profit earned - 121516.10 In tally how to made entry. All purchase and sales need to enter or profit and loss on sale of f&o only need to enter?
09 May 2022
The turnover in case of F&O transaction to be computed as below: (i) The total of favourable and unfavourable differences (Profit/Loss) shall be taken as turnover. (ii) Premium received on options
For example you buys 100 units of Futures @ Rs 200 and sells at RS 210. Also buys 200 units of options @ Rs 300 and sells at Rs 290.
This is how his turnover would be determined:
Particulars Calculation Amount Profit on sale of Futures /100 * 10 / 1 Thousand Loss on sale of Options /200*10 / 2Thousand (negative ignored) Premium on sale of options /200*290 / 58Thousand Total Turnover 61Thousand
CAclubindia
