Hi guys!
Can someone tell me about return filing for profits under Future & Option trading. More Specifically, I want to know about calculation of turnover in this case.
1 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 12 August 2015
1. The total of favourable and unfavourable differences shall be taken as turnover.
.
2. Premium received on sale of options is also to be included in turnover.
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3. In respect of any reverse trades entered, the difference thereon, should also form part of the turnover.
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- Relevant extract from Para 5.14(b) of Guidance Note on Tax Audit (2014) issued by ICAI.
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