Futures & options
Querist : Anonymous
I have a doubt regarding Future & Options Taxation. If a assesse is having turnover(computed as agreegate of both favourable & Unfavourable amounts of transactions) he got a total Rs.8,00,000/- which Rs.6,00,000/- unfavourable and Rs.2,00,000/- is favourable. If he want to show the actual loss he got to carry forward to next year what are expenses he is used to show in the expendidure side of P&L Account.
Querist : Anonymous
It seems like you didn'tgetmy query. Iam asking about what are the expenses i can show in P&Laccount for getting Netloss. which is the actualloss.
With Regards,
B.J.N.Bhargav.
F&O is not speculative. refer explanation to section 43(5)
querist, you need to show the actual favorable amounts on the credit side and unfavorable amounts on the debit side of the P&L account
Querist : Anonymous
Then what about these provisios. We have to show both favourable & Unfavourable as turnover.
1.The total of positive and negative or favorable and unfavorable differences shall be taken as turnover.
2.Premium received on sale of options is to be included in turnover.
3.In respect of any reverse trades entered, the difference thereon shall also form part of the turnover.
With Regards,
B.J.N.Bhargav.
Querist : Anonymous
So,In case of tax audit of futures & options we don't need to consider the provision of aggregate of positive & negative differance as turnover right?
Querist : Anonymous
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