F&O turnover and purchases

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ghosh

ghosh (Querist)
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14 August 2023 what is a F&O turnover and purchases , and how turnover - purchases = profit arrived at?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 August 2023 The turnover is sum of profit and loss value. You have to show 6% profit under presumptive scheme on the above turnover.

ghosh

ghosh (Querist)
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15 August 2023 Presumptive scheme is applicable to one who opt for it. Obliviously one who has more profit than 6% and thinks that is the case year after year opt for it. or I think basically to encourage small trader to file return with6% . Then how can you say that?
and also the question was what is purchase in F&O?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 August 2023 The turnover is the purchase price and the selling price is turnover less loss.
Purchase price less selling price is the profit.

ghosh

ghosh (Querist)
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16 August 2023 the selling price is turnover less selling price ? it is like A= B-A or 2A=B.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 August 2023 Small correction selling price is turnover less loss.

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