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 ?
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
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
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.
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