Dear Sir / Madam,
If there is loss from Futures & Options, then tax audit is required to be carried out or else one can declare profit under Presumptive taxation.
Can we declare it @ 6% (instead of 8) of total turnover under F&O since all transactions are digital?
Kindly revert.
Thanks,
Suraj
Thank you Dhirajlalji.
For Option trading, how do we maintain accounts? as theoretically we know how to calculate turnover. Its sum of favourable/unfavourable difference and premium received from sale of options, How to show Turnover in P&L a/c ? Actually I want some accounting entries that to be passed in Tally covering option trading.
What is exactly meant by Premium received on sale of options as per ICAI guidance note? I mean Do we need to consider only that premium where the Option is sold first??
Please guide.
Regards,
Suraj
Thank you Girishji.
For Option trading, how do we maintain accounts? as theoretically we know how to calculate turnover. Its sum of favourable/unfavourable difference and premium received from sale of options, How to show Turnover in P&L a/c ? Actually I want some accounting entries that to be passed in Tally covering option trading.
What is exactly meant by Premium received on sale of options as per ICAI guidance note? I mean Do we need to consider only that premium where the Option is sold first??
Please guide.
Regards,
Suraj
Sir, How to contact you??
Abic and Mani Chartered Accountants
Kottayam
B.Com
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RMA And Associates LLP
New Delhi
CA Inter
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CCI
Pro
CAclubindia
