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Future and Options Audit
I want to do audit of F&O transactions, total turnover shall be the difference between Favourable and unfavourable transactioons, what shall be the expenses ?
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All the expenses related to transaction, along with demat account charges, proportionate office expenses like internet connection telephone bill etc. are deductible...
My net of fav and unfav is loss, but since they ignore the negative sign I have to take it as positive and turnover increases, but in actual I have not earned any profit so what shall be the expenses of such amount that I can show loss, since the expense of demat charges etc is negligible
For the purpose of determining the turnover in case of future and options , for the purpose of 44AB , based on the guidance note of ICAI, following items should be considered to constitute turnover:-
- The total of positive and negative differences
- Premium received on sale of options is also to be included in turnover
- In respect of any reverse trades entered, the difference thereon But not the total value of contract.
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