F&o turnover


Kishore Kumar Marodia (Finance Professional)     09 August 2019

Kishore Kumar Marodia
Finance Professional 
 1 likes  37 points

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Hello Friends

Context: Salaries person with F&O (Net Loss and Turnover much less than 1 Cr)

As per most of the online forums and links, one needs to get AUDIT done in this scenario, or show 6% gain. Came across below article which has created another slab for turnover less than 1 cr saying no audit is needed

http://www.balakrishnaandco.com/news-and-articles/6-auditor-tax-audit-for-fando-loss-ca-required

- Any views if AUDIT is needed?

- Can F&O loss be set off against Interest Income

- Would AUDIT mean audit of F&O only, or audit of all the stuff going into return

Thanks a lot

 

 

avater

Pankaj jakhar (trainee)     11 August 2019

Pankaj jakhar
trainee 
 64 points

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In f&o turnover means margin money not the money on which we trade for example-- if we purchase rupees10 lak f&o and pay margin money that margin money is turnover not rupees 10 lakh.


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