Derivative Turnover / Profit
This query is : Resolved
24 September 2010
Dear Sirs,
In case of Derivative transactions, the total of favourable and
unfavourable differences shall be taken as turnover, as per ICAI
Guidance Note.
My query is how to reflect the same in ITR 4 in the Profit & Loss
Account section.
For example, if total of favourable difference is Rs. 18 Lacs & total
of unfavourable difference is Rs. 23 Lacs, then Tax Audit is
applicable as turnover is Rs. 41 Lacs. But the net position is LOSS of
Rs. 5 Lacs.
How to incorporate the above in ITR 4 ?
In case of Derivative transactions, the total of favourable and
unfavourable differences shall be taken as turnover, as per ICAI
Guidance Note.
My query is how to reflect the same in ITR 4 in the Profit & Loss
Account section.
For example, if total of favourable difference is Rs. 18 Lacs & total
of unfavourable difference is Rs. 23 Lacs, then Tax Audit is
applicable as turnover is Rs. 41 Lacs. But the net position is LOSS of
Rs. 5 Lacs.
How to incorporate the above in ITR 4 ?
24 September 2010
show only rs. 5 lacs in turnover.
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