Turnover for commodities trading
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2014
An investor trading in commodities derivatives on MCX. No delivery is taken. how the turnover for the purpose of limit of Rs. 1 crore for tax audit will be calculated.
19 March 2014
1. As per Guidance Note on Tax Audit issued by ICAI the difference amount will be the turnover.
2. Further, positive & negative differences will NOT be squared. The total of the differences will be the turnover.
For eg. in one transaction there is gain of Rs. 10 lakhs and in another there is loss of Rs. 8 lakhs.
The turnover will be Rs. 18 lakhs.
2. Further, positive & negative differences will NOT be squared. The total of the differences will be the turnover.
For eg. in one transaction there is gain of Rs. 10 lakhs and in another there is loss of Rs. 8 lakhs.
The turnover will be Rs. 18 lakhs.
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2014
Bhardwajji,
whether MTM profit/loss on daily basis is also calculated for turnover purpose. If turnover is say 10 lacs and profit is only 10000/- whether 44AD will be attracted being less than 8 % of turnover.
whether MTM profit/loss on daily basis is also calculated for turnover purpose. If turnover is say 10 lacs and profit is only 10000/- whether 44AD will be attracted being less than 8 % of turnover.
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