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f&o Turnover cross check
when we submit ITR where no tax audit requirement , how ITax deptt cross verify the figure of turnover ? whether broker send them stt report ?
Replies (6)
Every thing is online...... now nothing can escape from departmental scanners.
the broker has to file stt report end of the fy and the said data can also be accessed using your pan
but stt report shows traded value while we take sum of profit amount and loss amount in f&o
the Ito can call for p&l summary from the broker.
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 )
(I use Net profit method in view of loss so I report actual loss as per books of broker )
your broker has to give a p&l summary for f&o trading. yes
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