23 February 2016
hi.. i am doing trading in Future and option. please tell me whether i am liable for tax audit and how to calculate turnover. 1) Purchase Script for Rs. 1.25 Crore and Sale for Rs. 1.21 crore. ( Profit. 4 Lacks) 2) Purchase Script for Rs. 1.15 Crore and Sale for Rs. 1.18 crore ( Profit 3 Lacks) 3) Purchase Script for Rs. 1.30 Crore and Sale for Rs. 1.20 crore ( Loss 10 Lacks)
Please tell me Following 1) what is my Total Turnover 2) whether i am liable for Tax Audit 3) How to Set off my Net Loss of Rs. 3 Lacks 4) How to Compute My Income Tax Calculation