Mr X dealing in F&O is having a turnover of above 2.5 cr but profit below 6% i.e around 10 Lacs
Do He need the Tax audit or he can file return directly.
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FUTURE & OPTION tax audit
Replies (6)
Quick Summary
First tell that how had u calculated turnover
Turnover is calculated using scrip wise transaction and now all the brokers firm provide the turnover
As per ICAI guidelines we should calculate turnover for such transactions only comprising of Profits And Losses..
Yes turnover is calculated accordingly...
now can u guide on question
now can u guide on question
As per the amendment Tax Audit limit has been increased for such is 5Crore..but in case u not opted then u have to show 6% of T.o.
Yes Tax audit is applicable
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