i m attempting to pick between futures n choices for making course primarily based trades…like if worth anticipate to go up then purchase future or purchase lengthy name…i need to know from revenue tax audit goal will future buying and selling create extra turover or will choice commerce create extra turnover… please give inputs as no calculator is avlbl for turover calcultion…thanks
As per newest amendments, there is no such thing as a distinction in TO calculation.
it’s the absolute sum of settlement income and losses for every commerce.
thanks…however CA says totally different methodology which is predicated on premium n many different components…do u have any hyperlink to newest amendments from any govt web site which say the right course of to calculate turnover…thanks once more
CA says totally different methodology which is predicated on premium n many different issue
was so for some time then it acquired modified again to the outdated manner of calculating turnover (sum of income & losses).I don’t have any hyperlink to gov websites however this may assist:
mint – 25 Aug 22
Sale quantity now not to be included in turnover of choices buying and selling for taxation
As per Revenue Tax (IT) legal guidelines, turnover for choices buying and selling is calculated by including revenue, loss and sale quantity (premium acquired on gross sales) of all of the trades executed in a 12 months
I don’t have any hyperlink to gov websites however this may assist:
Revenue tax Act is silent on the calculation of turnover. So we depend on the steering notes issued by ICAI.Earlier choice premium collected on the time of sale was to be added to absolutely the distinction of income and losses.However now it’s modified to only absolute variations.