22 July 2013
The contract would have expired till the "calculation of turnover" gets completed. so take its loss or profit in account. .
Let Premium received be " Sales" then what would be Premium Paid ? and by this logic , we know that purchases are not considered as turnover for Section 44AB. .
29 July 2013
I have one doubt. sum of positive and negative diffrence of future trades is the turnover.
Shouldn't we subtract twice the amount of losses to correctly arrive at GP, because while originally calculating the turnover, we had removed the minus sign on losses.