As Per ICAI GN the derivative turnover is
(i) The total of favourable and unfavourable differences in case of squared off transactions shall be taken as turnover.
(ii)Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, then such net profit should not be separately included.

Please confirm whether we have to take the premium on sale of options in turnover calculation and if the the transaction in profit then leave profit part as it is already in sale premium. for example : one buy 100 qty @ 100 and sale it as 120/-. then the profit is 2000/-.,
Now please clarify what will be the turnover. Either the turnover should be 2000/-( only profit) or sale premium value of 12000/-. and we ignore profit of 2000/- to remove double counting. ( which is complaint with the GN)

PLS SEND ME BY MAIL THE FORMATE OF AUDIT MEMO FORM -1 AND AUDIT MEMO FORM -7 LATEST VERSION FOR REPORTING BY STATUTORY AUDITOR OF CO -OPERATIVE HOUSING SOCIETY IN MAHARASHTRA STATE IN WORD FILE

Can Delhi based CA file Audit report of Trust which is situated in Mumbai ? How to upload the Audit Report in Trust web site.? as adding CA shows only Maharashtra district auditors Experts Please advice

WE NEED AOP DEED FORMAT FOR TEMPLE KUMBABISHEKAM . TO OPERATE BANK ACCOUNT

Respected Sir/Madam,

one of my client has not enabled audit trail during the Financial Year 2023-24 and also they have not conducted any transcation in company during the year whether i required to qualify my opinion in audit report beased on audit trail not conducted or i can give clean opinion and just mention audit trail paragraph in Auditor’s Responsibilities for the Audit of the Financial Statements.

kindly suggest.

We would like to appoint Peer review auditor in our company. Any one could provide list of peer review auditor(CA) in chennai.

Hi
Person having business of rent a cab operator and hold vehicle in name of firm which is proprietory .What will be depreciation rate for vehicle used for commercial purposes?

A society having 80G & 10AC(12A) worked for a training project in hills sponsored by Govt of Uttarakhand.
The work was completed in FY 22-23 & bills submitted to govt in March 23.
The State Govt booked the bills in FY 23-24 Cleared the Bills in FY 23-24.
The expenses were payable by 31.03.2023 & paid after receipt in May 23.

How do we treat the receipts in I/E account for the FY 22-23

Dear Sir,

We have manufacturing related to metal products (Single raw material ) and metal prices regularly up and down.
we generally valuation of our inventory on last month average price of our raw material.

We have a order of export @ 700 per kg , this material billed to customer on 700 per kg but due to unavoidable circumstances export order postponed to after 1 months in apr -22.

hence my inventory level up by this order and my last month average rate of raw material is 800/-
total inventory we have 50 M.Ton out of this 15 M.T stock related to export order.

so kindly guide us can we valuation of my export order stock on 700 per kg and for remaining stock on 800/- per kg

because if we are not doing this my profits will go very high.

kindly guide us thanking you .

Dear Sir,
My CTC is 11lac but I have started a flying business last year where in I incurred a loss of around 75k so which ITR do I need to file and will my loss need auditing??