Section 44 ad for f & o transaction
This query is : Resolved
12 November 2013
Dear Sir,
What would be treated as turn over for F & O Transaction under section 44 AD ?
For eg. we have
Intra Day Loss - Rs.5000
F & O Loss - Rs. 100000
Share Sales - Rs. 275000
Now what would be turn over for section 44AD ?
Thanks for reply in advance.
What would be treated as turn over for F & O Transaction under section 44 AD ?
For eg. we have
Intra Day Loss - Rs.5000
F & O Loss - Rs. 100000
Share Sales - Rs. 275000
Now what would be turn over for section 44AD ?
Thanks for reply in advance.
13 November 2013
For turnover calculation You don't have to look at the net loss or gain.
The turnover shall be:
The total of positive and negative or favorable and unfavorable differences shall be taken as turnover.
Plus Premium received on sale of options is to be included in turnover.
Plus In respect of any reverse trades entered, the difference thereon shall also form part of the turnover.
Plus sale and purchase values of shares.
The turnover shall be:
The total of positive and negative or favorable and unfavorable differences shall be taken as turnover.
Plus Premium received on sale of options is to be included in turnover.
Plus In respect of any reverse trades entered, the difference thereon shall also form part of the turnover.
Plus sale and purchase values of shares.
Message likes :
1 times
13 November 2013
Thanks Nikhil Kaushik sir.
But For intra day turn over would be loss only na ?
I Mean to say Rs. 5000.
But For intra day turn over would be loss only na ?
I Mean to say Rs. 5000.
13 November 2013
Yes. What I meant to say is that you have to do total on day to day basis.
For eg: if you made 1000 intra day gain and 6000 intra day then your turnover shall be 7000. However, if you just made 1000 intra day loss for 5 days, the turnover shall be 5000.
So the overall loss will be the same, but turnover can be different.
For eg: if you made 1000 intra day gain and 6000 intra day then your turnover shall be 7000. However, if you just made 1000 intra day loss for 5 days, the turnover shall be 5000.
So the overall loss will be the same, but turnover can be different.
Message likes :
1 times
13 November 2013
Nikhil sir,
Is there any way, if we have not done audit of that type of transaction ?
How to do audit of such a person ?
What would be impact of that ?
Thanks sirji..........
Is there any way, if we have not done audit of that type of transaction ?
How to do audit of such a person ?
What would be impact of that ?
Thanks sirji..........
13 November 2013
Ankur Bhai,
it doesn't matter whether tax audit applies or not. Income tax department has the right to scrutinize any return. Therefore it is required that all the transactions are reviewed before filing the return.
Possible impact are penalty implications and additional tax levy.
it doesn't matter whether tax audit applies or not. Income tax department has the right to scrutinize any return. Therefore it is required that all the transactions are reviewed before filing the return.
Possible impact are penalty implications and additional tax levy.
Message likes :
1 times
13 November 2013
Ok sirji..........
Thanks & Have a nice day to you.
Thanks & Have a nice day to you.
13 November 2013
same to you and welcome
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- LIC maturity claim whether taxable
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
