Regarding f & o

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Divyesh Pithava (Querist)
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17 February 2016 Hello,
How turnover is calculated in case of trading in F & O?
I want to know that F & O transactions are treated as business income or it is shown as investment when accounting?

Pls Being helpful to me
Thank you

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 February 2016 1. Turn over for the purpose of checking tax audit limit is the absolute value of the profit and loss of F & O transactions.

2. For accounting purpose ,profit and loss only is considered and has to be taken directly to the respective sides of P & L account.

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Divyesh Pithava

Divyesh Pithava (Querist)
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18 February 2016 Thank you sir
In case of F & O transactions for calculating turnover i made a total of total profit or loss figure or total purchase & sale transactions?