Clause 40 3cd in case of f&o turnover

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This discussion addresses how to accurately report turnover for Futures & Options (F&O) within Clause 40 3cd, particularly when it differs from your ITR P&L turnover. The core issue is that F&O turnover is typically calculated as the sum of profits and losses. The advice given is to prepare your profit and loss account showing this turnover figure, but ensure only the actual profit or loss is reflected to avoid mismatches.

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(Querist)
20 September 2024 How to show turnover ratio in TAR clause 40 case of f&o ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 September 2024 The turnover in case of f&o is sum of profit and losses.
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Mandeep Singh

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Mandeep Singh (Querist)
27 September 2024 But if i put total sum profit and loss in clause 40 3cd then, this is mismatch with pnl ITR turnover. Plz give me solution
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 September 2024 Prepare profit and loss account with this turnover and show only actual profit or loss.
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