bhanu (student) (37 Points)
26 June 2017I have incurred a loss of Rs.40 lakhs in F&O trading.My turnover i.e Sum of credit & debits is Rs.76 Lakhs and my F&O sales is 29cr. .Would you please advice me Which one i take total turnover from following... 1) F&O T.O. 76Lac 2) F&O sales 29Cr. ?????????
Krishna Singh
(CA)
(20 Points)
Replied 26 June 2017
Yes, your books of account must be Audited by CA as per income tax act and require to file ITR 3.
bhanu
(student)
(37 Points)
Replied 26 June 2017
Thank You Sir for your reply, would you pleace advice me that in which base I'll audit my books of a/c's i.e. as per F&O deffinition my T.O. is only 76Lac but as per sec.44ab my sales is 29cr??????
bhanu
(student)
(37 Points)
Replied 26 June 2017
BUT SIR MY F&O PURCHASE IS 30CRORE AND MY F&O SALE IS 29CRORE,TURNOVER AS PER YOU SAID (I.E DEBIT AND CREDIT SETOFF IS 76LAKH). THEN HOW CAN I CLASSIFY WHAT IS PURCHASE ???
gyan chaudhary
(15 Points)
Replied 26 June 2017
bhanu
(student)
(37 Points)
Replied 26 June 2017
THANKS SIR, BUT IN WHICH BASE I PREPARE MY F&O PROFIT AND LOSS STATMENT OR BALANCESHEET FOR AUDIT I.E. SALE 29CR. OR T.O. 76LACK. IF 76LAC THEN WHAT ABOUT PURCHASE??????
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