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
CAclubindia
