23 April 2014
i am a daily trading in equity share trading mostly intraday i purchase/sale in intraday total value to 3.04 crores value and prfit is only 1003/ rs during 13-14 ay year shall i need to audit my return my other income is 3 lacs only
23 April 2014
but i undestand that if reverse order is placed in intraday the value traded is not the turn over only difference favorable/un favorable is considerd for calculating turn over am i right
23 April 2014
well your language suggested that 3.04 cr is the total of the favorable and unfavorable trades. if that total exceeds Rs 1 cr, then you have to go for tax audit.
23 April 2014
no that if i by 500 share @100=50000 in morning and sell them @110=55000in afternoon intraday trading so traded value is 105000 and profit is 5000.
23 April 2014
now if i buy call option 6800ca 100 quantity @45/each=4500/- and sell before expiry or on the same day @50/each=5000 so my profit is 500/- but value traded is 4500+5000=9500 so which is value is to be taken for turn over for audit purposes
27 April 2014
some body tell me that profit+loss is total in F&O trade as no delivery is taken place accrding to him only 500/- is the turn over so pl.clarify
CAclubindia
