I have a turnover of 85 lacs in F&O Trading in FY 2022 23 with a loss of 5 lacs . I did not opt for the 6% declaration , before in any year . Basically I need to show the actual profit / loss in my return for the AY 2023 2024 .
Need clarity on the following :-
1 Since the Turnover is less than 1 crore , no need for any Tax Audit ( Irrespective of my profit / loss) . Is this view correct ?
2 Can I follow the latest guidance note from ICAI on the calculation of option Turnover ? This guidance note states that , total of profit and loss from each transaction is the Turnover . (No need to add the sales premium )
04 June 2023
1. Correct. 2. Yes, correct; if the premium received is considered for net profit for the transaction, then no need to add the same to turnover again.
CAclubindia
