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Tax Audit of F & O Business

Others 1685 views 2 replies

Vijit

CHARTERED ACCOUNTANT

40 Points Posted on 24 August 2007

hi

I would like know your suggestions regarding Tax Audit of F & O Transaction. Which amount should taken as Turnover for the Purpose of Tax Audit, Full Lot Amount of Margin Money or the Profit/Loss earned/incurred

Replies (2)

Nitesh

Chartered Accountant

340 Points Posted on 24 August 2007

there ambiquity for this but as per guidance note issued by icai for tax audit issued it specifies the turnover of daily trader would be difference between sale and purchase irrespective profit or loss. in case of F & O also i think the same concept will aplly

SRINATHA

EMPLOYEE

90 Points Posted on 24 August 2007

For options, only the premium paid is treated as turnover

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