Determination of turnover
This query is : Resolved
RENUKA CHOURASIA
(Querist)
31 December 2012
In financial year 2011-12,an individual, being a trader in shares,commodities, derivatives etc., sells the above items amounting to Rs.80 lakhs & purchases amounting to Rs.95 lakhs without taking actual delivery of the same.
Now the query is what will be the turnover in the above case ? Will the above be bound by the terms of tax audit u/s 44AB of the Income Tax Act,1961?????
URGENT REPLY REQUESTED
Now the query is what will be the turnover in the above case ? Will the above be bound by the terms of tax audit u/s 44AB of the Income Tax Act,1961?????
URGENT REPLY REQUESTED
CA PARAS BAFNA
(Expert)
31 December 2012
For the purpose of Section 44AB, turnover will be the sum of intra-day profit and Intra-day loss. Suppose profit at the day end is Rs 10 and on the other day loss is 20
Turnover will be 10+20=30.
.
Turnover will be 10+20=30.
.
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