Accounting procedure

Hello ,

As per your information that you provide here with my knowledge first you have to audit it all your transaction. Because Rs. 1 cr. and above there is Income tax law that audit is must be. When you will go for audit then Auditor ask all necessary document as like all original bill , contaract bill , bank statement , ledger copy of broker. Also when you doing turnover of rs. 300 crore then broker must give you all physical bill or either you printout that you get in soft copy by mail.

After auditor give you audit report you file your income tax return. Also you said that you not gain or loss if this will check auditor and there is no profit or loss then you have no problem. But your all turnover transaction must be audit as per my thinking and knowledge.

Sudip Raja

Financial Consultant

M. 9427721997

Tanks for your reply Mr.Sudip Raja. But actually i have heard, when we do business in F&O, its not the Turnover taken into consideration, but the net of Profit and loss is added and if exceeds the audit limit then it has to be audited it seems. Please clarify sir