Question ID :
40411
Profit & Loss Account in case of F&O Trading Income
Facing problem while preparing P&L account for the F&O Trader under tax audit.
The turnover, in this case, is Profits + Losses + Premium on options if any.
So if this is the turnover, then how to get to the net profit/loss in the P&L account? What will be the value taken for the purchase?
Posted by
Hunny Badlani
on
Sep 28, 2019
Filed Under
DIRECT TAXES
No need to prepare Trading account since there is no purchase and sale. Profit and loss account is enough, hence question of GP does not arise.
Posted by
B.CHACKRAPANI WARRIER on
Sep 29, 2019