Dear Members
Good evening.!
1.What is the accouting treatment in case of futures.
2.How the turnover should be determined as per companies act
Thanks in advance
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Futures accounting treatment
Replies (2)
Dear Mr. Nagesh,
I think you have not cleared what you exactly want to know. Are you talking about investment in Futures & Options market? If it is so, as per income tax Futures & Options market turnover, whatever is net profit and loss from any transaction, you can book net amount as profit and loss and for turnover.
Rgds
Dear Sir
We have a client who is a company and is trading in futures
My query is,
What should be taken as turnover in case of trading in futures as per Companies Act
Is it the Contract note value / Profit from Trading / Margin
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