Turnover in f & o business
This query is : Resolved
19 April 2014
sir,
Mr. A is doing business in F & O of shares,commodities and currency. it is assumed that profit and loss separately are clubbed for turnover purposes for tax audit in these cases. and is is normal business and not speculative business. is it right in all 3 cases-share,commodity,currency.
also is it appropriate to show net profit/loss in P & L A/c or both profit and loss should be shown separately.
pl guide.
Mr. A is doing business in F & O of shares,commodities and currency. it is assumed that profit and loss separately are clubbed for turnover purposes for tax audit in these cases. and is is normal business and not speculative business. is it right in all 3 cases-share,commodity,currency.
also is it appropriate to show net profit/loss in P & L A/c or both profit and loss should be shown separately.
pl guide.
Nikhil Kaushik
(Expert)
21 April 2014
your treatment of turnover is correct. for preparing profit & loss account, you will do only net basis.
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