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?
CA PARAS BAFNA
(Expert)
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).
.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Missed uploading GST Invoice
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
