Turnover calculation in case of Currency F&O trade.

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This discussion clarifies how to calculate turnover for currency F&O trades based on the latest ICAI tax audit guidelines for AY 2023-24. Unlike stock F&O, there are no specific exceptions mentioned for currency trades. The consensus is to follow the same calculation methods as for stock F&O, rather than adding the full trade value. The aim is to provide clear guidance on this specific aspect of turnover calculation.

rmalhotra

rmalhotra (Querist)

26 June 2023 As per latest tax audit guidelines published by ICAI in 2022 and applicable for AY 2023-24, the calculations of F&O turnover are clear. There is no separate exceptions in guidelines for currency F&O trade.

In most of examples given at various platforms and websites ,the illustrations on based with stocks F&O. And could not find specific reply of currency F&O trade. It creates question of what about Currency F&O trade.

1. Is that also covered under similar method of calculations for arriving at turnover amount ?
OR
2. . Does it need to add full value of trade instead of absolute P&L figures. ??

3. Is there any exception / separate guidelines for currency trade turnover amount calculations>>>..

Please guide on this issue.