Tax audit limit

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pankaj choksy

pankaj choksy (Querist)
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13 July 2013 in case of trading in equity futures - what is the limit for tax audit ? how does one compute turnover ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 July 2013 Turnover=Aggregate of Profit and Losses from Trading in Equity Futures

pankaj choksy

pankaj choksy (Querist)
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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 ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

pankaj choksy

pankaj choksy (Querist)
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13 July 2013 thank you sanjayji. just one small clarification - the profits or losses are a summation of daily mtm gains/losses or how ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 July 2013 Final Gain Loss on settlement.

pankaj choksy

pankaj choksy (Querist)
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13 July 2013 thank you so much, sanjayji.

if i can ever be of help to you, my email id is pankajchoksy@gmail.com

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