Future trading

This query is : Resolved

Guest

Guest (Querist)

14 April 2013 How to compute turnover in case if trading is done in futures and options that means without taking actual delivery ?

CA. PIYUSH GOEL

CA. PIYUSH GOEL (Expert)
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15 April 2013 DEAR HARSH...

AS PER GUIDANCE NOTE ISSUED BY ICAI..

MAKE ADDITION OF PROFIT/LOSS EARNED ON EVERY TRANSINCTION THE OUTCOME WILL BE TURNOVER..

EXP. YOU BUY 1 SCRIPT FOR RS. 10/- AND SELL IT FOR RS. 12/- EARN PROFIT OF RS. 2/-

THEN YOU BUY GAIN A SCRIP FOR RS. 10/- AND SELL IT FOR RS.9/- SUFFER LOSS OF RS. 1/-

YOUR TURNOVER WILL BE (2+1)=3

Guest

Guest (Querist)

04 May 2013 Thanks A lot Sir

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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28 May 2013 This will be treated as either business income but generally it is to be treated as speculation profit or loss. Any profit will attract tax and any loss shall be allowed to be carried forward and adjusted only against the speculation profit.