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Reporting of turnover in 3cd

gauri agrawal (self employed) (223 Points)

02 January 2021

a person is dealing in f&o and has incur loss. the balance sheet will be prepared by showing net loss but will it be correct to show aggregar of (profit +loss) as turnover in 3cd. please guide.

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15 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 03 January 2021

Trunover only include future and options trading
or others too
for what source of income audit is done

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 03 January 2021

Have GST?

gauri agrawal (self employed) (223 Points)
Replied 03 January 2021

Turnover is only of future & option

ayusmita (Tax consultant) (5885 Points)
Replied 03 January 2021

In loss of future and options there's no need of audit

Smit Shah (524 Points)
Replied 03 January 2021

Add all loss figure in absolute term and then check for threshold limit

anil jain (Partner) (1067 Points)
Replied 05 January 2021

Mr/Ms Smit Shah is right.

gauri agrawal (self employed) (223 Points)
Replied 06 January 2021

Respected experts thanks for guidance. actually in the case provision of section 44Ad(4) is getting attracted so audit is mandatory therefore i want to know what we will enter as turnover while preparing 3cd report.

ayusmita (Tax consultant) (5885 Points)
Replied 06 January 2021

In presumptive income for future and options trading for audit is if 2cr of trunover
is exceed otherwise not needed both in profit and loss
in case of normal if profit and loss trunover exceed 1cr then needed
now your trunover is
sales of a share minus purchase of a share minus all types of expenses related to it