Question ID :
How to Present Profit & Loss Statement in case of Income from Future & Options Trading in Income Tax
As per Sec 43 and guidance note issued by ICAI on TAX audit us 44AB Turnover in case of Trading in Future & Option is to be calculated by taking absolute total of net profit/loss for the transaction .
My Query is that in case i compute turnover as stated above, What items or expenses shall construed as deduction from turnover to derive the net profit/loss as the case maybe or how to present them for disclosure in the income tax return filed ???
Also, In case of loss where the turnover is less than 1 crore or other specified limits as the case maybe is Tax Audit u/s 44AB mandatory,if yes then under which clause ??
Dec 12, 2021