Hello
I have traded in Futures and markets and have got loss of 1 lakh.
however my turnover is above 1 crore as i saw my total debit and credit values
this was for FY 2014-15
My CA says that i will have to bear penelty of 1.5 lakhs for not doing audit
As the dates have excedeed now what can i do..
Tell me how do i calculate turnover for fno trading
Please help guys
AUDIT is not required , advise received by you may be wrong ,
take second opinion from a CA , who actively deals in F &O segment ,as trading in F & O is non speculative business, assume you buy a contract at Rs.4.5 lacs and seel as Rs4.40 lacs , your net / absolute turnover is only Rs10000 (do not add to make =8.90 lacs)
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