As per my understanding,
For Options - Turnover = Absolute Profit + Sales Value
For Futures - Turnover = Absolute Profit.
My doubt is, Is this turnover just to check whether tax audit is applicable or not? Should this be the turnover to be reflected in the Profit and Loss account as well or should only the sale value be reflected as sales figure in the P&L a/c?
CAclubindia
