02 October 2009
What is the applicability of TAx audit for F & O Transaction. Futures & Options. Also what is the applicability of Tax audit on Arbitrage transactions i.e buying in Cash and selling in futures and vice versa.
03 October 2009
If profit + loss exceeds Rs. 40 lakhs during the year then liable for tax audit u/s 44AB
Turnover in case of speculative & F & O transactions is considered as profit + loss.
In case of Arbitrage transactions i.e buying in Cash and selling in futures and vice versa selling of shares will be considered as turnover and F & O will be profit + loss
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