turnover defination for Future & Option Trading in Share Market

This query is : Resolved 

21 November 2007

Dear All

What is the exact defination of Turnover for determination of TAx Audit critiria under Income Tax Act.whether ICAI has issued any gauidness note for this. also if any court decision has come kidnly let me know.

Late CA Sampat Jain (Expert)
22 November 2007

download guidance note on tax audit from file section of CAclub ........you will get there

ajay dadhich (Querist)
22 November 2007

Dear Sampat Ji
above mentioned guidance note not covered the defination of turnover in case of Future & option trading in stock market
kindly provide me the exact defination

Jaina Shah (Expert)
21 May 2008

Profit/Gain that you enjoy from trading in FUTURES & OPTIONS is treated as business income. A company whose turnover i.e. either Purchase or Sale of shares exceeds Rs.4000000/- comes under the pursuit of TAX Audit.

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