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TAX Audit

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Attn: Rajivji and vikrantji and dear members

I am working as an Accountant with Pvt. Limited company

My company is doing business of Shares & Stock Trading

Now my querry is

We have done commodity transaction in MCX Exchange. And earned speculative profit from the said transaction. Please tell me if i want to decide whether the turnover of the said transaction is to be treated under TAX Audit on the basis of

a. Purchase and Sales Figure exceeds Rs.    40,00,000/-

b. or Gross Recipts of Sales figure arrived from individual bill given by Main Broker

c. or cheque amount received from the broker.

this transaction was done during the F.Y. 2008-09.

We have earned income during this financial year only from Speculative profit from Future and Option and from Commodity Transaction

kindly guide me on this chapter, as i want to file the return for the same.

Thanks

Manoj Asher

 

 

 

Replies (1)

manoj ji ,

As per my opinion in case of speculative transactions the Turnover of 40 lacs  is calculated by taking the net difference between the purchase and sale price of stocks .suppose if u hav in 1 scrip +ve bal nd in d 2nd 1 -ve then they should be adjusted against each other nd the net total shd be taken .


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