What value is taken for Turnover in STOCK FUTURES & OPTIONS and INTRADAY Trading. Is it Sales or Purchase , or both or difference of Sale minus Purchase. If there is net Loss in Futures & Options and Intraday, even than TAX AUDIT is required to be submitted considering Turnover over 1 crore in FY: 2012-13?
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Tax audit report
Replies (3)
Turnover shall be the sales only, not sales - purchases.
Yes tax audit will be applicable if turnover exceeds rs 1 crore
tournover in case of shares is a sum of SALES+PURCHASE,
FOR THE PURPOSE OF CALCULATION OF TOURNOVER IN CASE OF INTRADAY TARDING, FUTURE & OPTION , TOURNOVER MEANS TOTAL OF PROFIT AND LOSS FROM SUCH TRADING ONLY.
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