Question ID : 21489

091832

How the options turnover is calcluated for tax audit. Whether we have to include the premium on sale of options in turnover ? In most cases absolute profit and losses are taken and not the premium.
As per Final draft of ICAI GN Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, "then such net profit "should not be separately included.

From exposure draft to final GN the word is" same " is replaced with "then such net profit". So we have to take sale premium and absolute losses for turnover calculation. And leave the net profit as it is already part of sale premium.
Please clarify .

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