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How to calculate tax audit limit

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 September 2011 A person is trading in futures and options segment as Stock exchange.

How the turnover is to be calculated for the tax audit purpose to
arrive at limit of 40 lacs. Is there any circular/ guidance from income
income tax autorities. then please mention circular number.

Thanks
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CA. Deepak Narula

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CA. Deepak Narula (Expert)
27 September 2011 In case of F&O segments, the total of both favourable and unfavourable differences shall be taken as turnover. Also, the premium received on sale of options is also to be included in turnover.

Note that tax audit limit has been increased to Rs. 60 lakh from AY 2011-12 onwards.
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 September 2011 But Can you refer me any circular / notification from CBDT side,
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 September 2011 i want refernce number,that is circular number
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
03 August 2023
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