Tax audit limit
This query is : Resolved
pankaj choksy
(Querist)
13 July 2013
in case of trading in equity futures - what is the limit for tax audit ? how does one compute turnover ?
13 July 2013
Turnover=Aggregate of Profit and Losses from Trading in Equity Futures
pankaj choksy
(Querist)
13 July 2013
thank you sanjayji !
if i understand right, if the profit (net of losses) exceeds the statutory limit, then liable to tax audit ?
and, what is the prescribed limit ?
if i understand right, if the profit (net of losses) exceeds the statutory limit, then liable to tax audit ?
and, what is the prescribed limit ?
13 July 2013
No. Say Profit Rs 80 Lacs and Loss Rs 25 Lacs.
Total=80+25=105 Lacs. Limit of 100 lacs crossed. Tax Audit Applicable.
Total=80+25=105 Lacs. Limit of 100 lacs crossed. Tax Audit Applicable.
pankaj choksy
(Querist)
13 July 2013
thank you sanjayji. just one small clarification - the profits or losses are a summation of daily mtm gains/losses or how ?
13 July 2013
Final Gain Loss on settlement.
pankaj choksy
(Querist)
13 July 2013
thank you so much, sanjayji.
if i can ever be of help to you, my email id is pankajchoksy@gmail.com
if i can ever be of help to you, my email id is pankajchoksy@gmail.com
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