Derivative inttra-day turnover cross 40,00,000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 January 2010
Whether accounts to be gets audited under income tax act if Derivative inttra-day turnover cross 40,00,000
Rahul Vora
(Expert)
25 January 2010
Incase of derivaties intra day trading, the accounts are to be audited, if the total of profit and loss taken together crosses Rs.40 L and not the total turnover. For eg., if total profit is Rs.22 L and total loss is Rs.20 L, then the accounts are to be audited as the total of profit and loss is Rs.42 L.
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