Question ID : 31723

Speculation share profit (whether audit report 3CD & 3CB is required)

X an individual is a salaried employee, and is deriving income from share profit, both normal share dealing as well as future option during F Y 2017-18. The sale & Purchase in future option is nearly Rs 4.00 crore, does he require to submit audit report or simply we will show the share profit in capital gain income.

Q) The sale & Purchase in future option is nearly Rs 4.00 crore. A) Turnover = Summation of Net profit & Loss for all contract. EG: Net profit in one contract = 100 Net loss on another contract = -50 Total Turnover equal to = 150 Tax audit is compulsory if your TO exceeds 1 crores as calculated in the above manner. Then Compulsory required to file 3CD & 3CB.