Turnover - Speculation business and maintaining books of accounts
This query is : Resolved
07 June 2022
Dear Sir / Madam,
The queries are regarding Turnover of Intraday transaction to be mentioned in ITR and condition for maintaining the books of accounts.
For example, consider following intraday shares transactions
Purchase value Sale value P/L
10,00,000 12,00,000 2,00,000
45,00,000 38,00,000 -7,00,000
16,00,000 19,00,000 3,00,000
---------------------------------------------------------------
71,00,000 69,00,000 -2,00,000
So here turnover for determining tax audit would be calculated as the sum total of absolute profits minus losses made on daily transactions i.e. 2,00,000+7,00,000+3,00,000=12,00,000.
And Total of Sales value is Rs. 69,00,000/-
So my questions are as follows:
1) In ITR3, while mentioning the turnover, which figure we need to mention as turnover? Rs. 12,00,000/- or Rs. 69,00,000/-
2) For condition of maintaining the Books of Accounts, sales/Turnover/gross receipt should be more than Rs. 25 lakhs.
So in this case, for this condition, what turnover we would consider to check this condition.
Kindly guide.
Regards
Suraj
The queries are regarding Turnover of Intraday transaction to be mentioned in ITR and condition for maintaining the books of accounts.
For example, consider following intraday shares transactions
Purchase value Sale value P/L
10,00,000 12,00,000 2,00,000
45,00,000 38,00,000 -7,00,000
16,00,000 19,00,000 3,00,000
---------------------------------------------------------------
71,00,000 69,00,000 -2,00,000
So here turnover for determining tax audit would be calculated as the sum total of absolute profits minus losses made on daily transactions i.e. 2,00,000+7,00,000+3,00,000=12,00,000.
And Total of Sales value is Rs. 69,00,000/-
So my questions are as follows:
1) In ITR3, while mentioning the turnover, which figure we need to mention as turnover? Rs. 12,00,000/- or Rs. 69,00,000/-
2) For condition of maintaining the Books of Accounts, sales/Turnover/gross receipt should be more than Rs. 25 lakhs.
So in this case, for this condition, what turnover we would consider to check this condition.
Kindly guide.
Regards
Suraj
07 June 2022
In both the case turnover is taken as Rs. 12 lakhs.
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