Comment on Taxation Simplified

Nithin Kamath commented on 28 Jul 2013, 06:08 PM

LTC,

Different CA’s have different opinion on this and what makes matter worse is that there is no guideline from CBDT on how to calculate turnover when trading the markets.

Our opinion is that settlement profits+ losses for every contract should add up to turnover. Turnover is a criterion to have your books audited or not, since there is a confusion, it is best to always have your books audited by a CA if you are trading f&O.

2nd : You could give him all the contract notes and let him calculate turnover that way, but our opinion is that it is not required.

Cheers,

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