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f&o Turnover cross check

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Business
240 Points Posted on 20 July 2018
when we submit ITR where no tax audit requirement , how ITax deptt cross verify the figure of turnover ? whether broker send them stt report ?
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On 20 July 2018 at 23:41 Report
Replies (6)
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SEO Sai Gr. Hosp.
211627 Points Posted on 21 July 2018

Every thing is online...... now nothing can escape from departmental scanners.

581 Reply
On 21 July 2018 at 07:35
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Owner
97 Points Posted on 21 July 2018
the broker has to file stt report end of the fy and the said data can also be accessed using your pan
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On 21 July 2018 at 11:12
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Business
240 Points Posted on 21 July 2018
but stt report shows traded value while we take sum of profit amount and loss amount in f&o
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On 21 July 2018 at 12:56
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Owner
97 Points Posted on 22 July 2018
the Ito can call for p&l summary from the broker.
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On 22 July 2018 at 17:23
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Business
240 Points Posted on 22 July 2018
p&l summary -so that he can check my favourable plus unfavourable differences total to check whether I cross turnover wise audit limit or not.

(I use Net profit method in view of loss so I report actual loss as per books of broker )
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On 22 July 2018 at 17:53
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Owner
97 Points Posted on 22 July 2018
your broker has to give a p&l summary for f&o trading. yes
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On 22 July 2018 at 21:54


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