Audit limit calculations for future and option transactions
This query is : Resolved
16 April 2012
Do we have to calculate daily profit and loss total of future transaction to calculate tax audit or is there any other method
e.g. suppose i bought 1 lot of essar oil for 100/- per share and 1 lot consist of 1000 shares i.e. rs. 1,00,000/-. on 01.04.2011
now i settle the transaction by seeling on 24.4.2011 for 105 and gained a Rs. 5000/-
now do i have to calculate daily profit or loss or only 5000/- for tax audit limit ?
please explain and give reference to the provision of the same in income tax act
e.g. suppose i bought 1 lot of essar oil for 100/- per share and 1 lot consist of 1000 shares i.e. rs. 1,00,000/-. on 01.04.2011
now i settle the transaction by seeling on 24.4.2011 for 105 and gained a Rs. 5000/-
now do i have to calculate daily profit or loss or only 5000/- for tax audit limit ?
please explain and give reference to the provision of the same in income tax act
16 April 2012
AS PER ICAI ONLY RS 5 WILL BE THE TURNOVER BUT THERE IS NO CLARIFICATION FROM CBDT IN THIS REGARD
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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