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Derivatives accounting

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(Querist)
08 September 2009 Dear All

Kindly tell me the method of accounting of derivative. Should we account the purchase and sale transactions of derivatives or the gain or loss arising on sale or purchase of derivatives?

If we are required to account only the gain or loss on sale of derivatives, then how can we determine the tax audit is applicable or not for derivative transactions?

Kindly throw some light on the same.

Regards
Suparna K S
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
08 September 2009 Gain or Loss on sale of Derivatives. Determine based on total profit + total loss exceeding 40 lakhs then tax audit require.
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