How can i know P/L from this image

[Smart_trade]

One thing good which these IT notices have done is it created lot of awareness about keeping books of accounts ,audit and filing IT returns.It will do lot of good to traders though in short term it is a bit of a irritant.

These things are discussed from last 2 years but now as IT notices started coming, traders are taking it seriously.We are in a business so these things are to be maintained.

Smart_trade

 

[nac]

I want to know what all documents are needed to be given to CA to get audit done for derivatives trading? Kindly give full list.
Are we supposed to compile data or that is also done by the CA?
Also is there any list of CAs who do such audit?

Ledger, contract notes, bank statements, bills for any expenses you claim and anything more CA asks for.
If you have maintained books, fine. If you ask them to do it for you, you will be charged accordingly.

 

[tradertrader]

I want to know what all documents are needed to be given to CA to get audit done for derivatives trading? Kindly give full list.
Are we supposed to compile data or that is also done by the CA?
Also is there any list of CAs who do such audit?

As per rules we have to prepare data by us or Ca . But auditor will be different. But in practical Ca do all your work. Means window dressing.You need to give all details relating to source of fund, contract notes, statement for charges etc. But first check your turnover then go to Ca else he will loot your pocket.

 

[Square]

Is there any CA on this forum or someone who can guide to one who is based in Mumbai.

 

[Square]

Is there any CA on this forum or someone who can guide to one who is based in Mumbai.

I mean I need a CA for auditing. Can someone guide with details, if possible.

 

[FnOtrader80]

It will do lot of good to traders though in short term it is a bit of a irritant.
Smart_trade

True that Sir , but if you receive scrutiny notice and even if everything is in order with your books of accounts you will undergo through unnecessary tension , expenses to hire a ca & "unofficial tax" which assessing officer will demand in most of the cases and a lot of wasted time.

 

[Smart_trade]

True that Sir , but if you receive scrutiny notice and even if everything is in order with your books of accounts you will undergo through unnecessary tension , expenses to hire a ca & "unoffical tax" which assessing officer will demand in most of the cases and a lot of wasted time.

This is a business like any other business.In other businesses even if the business is down,you have to pay the workers,factory inspectors,electricity charges, get audit done...

So earn well in trading so that these expenses don't hurt.

Smart_trade

 

[oi trader boi]

Ledger, contract notes, bank statements, bills for any expenses you claim and anything more CA asks for.
If you have maintained books, fine. If you ask them to do it for you, you will be charged accordingly.

Sir,Total contract notes are almost 250 Pages(250 trading days if traded all days).Its like a book.When ledger/P&L statement has everything,why contract note needed?

 

[PUCHU_2500]

Sir,Total contract notes are almost 250 Pages(250 trading days if traded all days).Its like a book.When ledger/P&L statement has everything,why contract note needed?

yes otb, we do not have to submitt any contract notes for IT returns or to audit our accounts.......as far as I know our sweet trader Xray sir is a CA, we may ask tax related matters to him to find a solution.....

 

[FnOtrader80]

Sir,Total contract notes are almost 250 Pages(250 trading days if traded all days).Its like a book.When ledger/P&L statement has everything,why contract note needed?

You can provide soft copies of your contract notes to your CA no need to print them all.