Tax audit in case of f & o trading
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 January 2018
Presently tax audit limit is 2 crore but if profit is less than 8% of turnover then tax audit is applicable even if turnover is less than 2 crore.
Is this rule applicable for F & O transaction?
If Yes then how to calculate 8% profit & turnover.
If no is there is exception or special rule for F & O transaction.
Is this rule applicable for F & O transaction?
If Yes then how to calculate 8% profit & turnover.
If no is there is exception or special rule for F & O transaction.
CA R SEETHARAMAN
(Expert)
12 January 2018
Yes this rule applicable to f&o transaction. You have to calculate 8% profit on aggregate of profit and loss (turnover).
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