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CALCULATION OF TURNOVER

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2011 IN NON DELIVERY BASED TRADING IN SHARES OR DAY TRADING BUSINESS WHAT IS THE TURNOVER FOR THE PURPOSE OF AUDIT U/S 44AB. IS IT THE NET PROFIT / LOSS OR THE GROSS AMOUNT OF PURCHASES AND SALES. ALSO IS SUCH ACTIVITY COVERED U/S 44AD AUDIT APPLICABLE W.E.F 1-4-2010.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 July 2011 1. Absolute value of profit or loss is the turnover for the purpose of section 44AB.
2. 44AD is covered.
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