Tax audit turnover
This query is : Resolved
07 July 2012
While dealing in futures and options I am aware that all the differences between squared of transactions whether positive or negative are added to compute the turnover.
The confusion is if the contract is squared of after a couple of days then the daily adjustment in the account in respect of change in closing prices is also to be added or not?
Eg: Contract bought at 100 and closing price was Rs 98, then whether this notional loss of Rs 2 has to be taken into turnover?
The confusion is if the contract is squared of after a couple of days then the daily adjustment in the account in respect of change in closing prices is also to be added or not?
Eg: Contract bought at 100 and closing price was Rs 98, then whether this notional loss of Rs 2 has to be taken into turnover?
07 July 2012
Notional loss is not the part of the turnover as it is not due to the act of the assessee.
.
Turnover will come out from contract wise price differences (prices for the initiation and settlement of the contract).
.
.
Turnover will come out from contract wise price differences (prices for the initiation and settlement of the contract).
.
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