Comment on Taxation Simplified
commented on
23 Jul 2013, 04:31 PM
Srinivas,
Firstly your turnover would be your total net receivable and total net payable. Basically X+Y
Turnover is mainly used for knowing if you need audit or not, if it is less than 1crore and because your profit is more than 8%, you would not need a CA audit.
For the open positions coming into a financial year, consider the opening price as on 1st April 2012 as the opening price of the contract for calculating taxes for this year.
Similarly if you have not closed a position, consider the closing price of 31st march 2013 as the closing position.
In the gross profit you can deduct a+b+c+d+e+f and also all other expenses that you had made towards your business of trading…