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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

office docs

Arun Borad

MUNISH KUMAR

RISHI LATTA

CA Aakarsh Jain

Subscribe Now

Turnover for commodities trading

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

Senior Executive

GST CONSULTANT