Tax Audit for share trading?????

^ If I remember correct, option sale premium will be taken to calculate turnover not the total of profit and loss.
But for the future, total of profit and loss.

Check diosys thread. He has explained this many times.

PS: Assuming the T/O calculation is same as two years ago...

Dear Manish,
Can you please confirm if turnover and gross receipts are one and the same?
i.e profit + loss + premium received + premium paid in case of future and options.
Thanking you, best regards
deepak

thank u very much Pankaj.:thumb:

Dear i am intraday trader in stock market. From 2009 to till i never submitted it return as i think i have each year loss. But my total TURNOVER of year is more than 2 crore each year from 2009. So is their any requirement to submit any document to Incometax dept. I have no profit any year.
Before 1 month their is notice from Tax dept for "Non filing of Income tax return" from 2009.(Information code :- CIB-321, Description :-Share transaction 20000 or more)
After consultation from local consultant, I send reply of "Non taxable income for 2009-2010, 2010-2011,2011-2012.
On www.traderji.com website I read that for Intraday trader there is no requirement of to do Audit, which is required only for derivative trader.
From 2012 i am Senior Citizen, pensioner of state Govt having annual pension near 2 lakh each year.
Please help, any TAX AUDIT required if there is loss??
Is their penalty for 2009,2010,2011,2012?
Case 1. I calculated Turnover= total buy amount+total sell amount.
Case 2. But on some website I read that Turnover=Settlement profit+ Settlement Loss
For ex. If RIL shares bought@1000 x qty 100, and sold @1010x qty 100
Trade volume= +2lakh and Turnover is just 10 x 100=1000
So which case is true???? How to really calculate turnover ,which I required for only Audit which is costly for me now , as I am in loss.
Please suggest what to do next ??? too much confusion my mind.

hi

You wrote
"i am intraday trader in stock market'
But in which segment. Equity, Futures, Options

You further wrote
"On www.traderji.com website I read that for Intraday trader there is no requirement of to do Audit, which is required only for derivative trader."

Where did you get this mentioned in traderji
Please post the link

GET ALL YOUR ANSWERS HERE

http://www.zerodha.com/z-connect/blog/view/notice-under-section-139-9-possible-reason


http://www.zerodha.com/z-connect/blog/view/taxation-simplified

[QUOTE=
Case 1. I calculated Turnover= total buy amount+total sell amount.
Case 2. But on some website I read that Turnover=Settlement profit+ Settlement Loss


Case 2. IS APPLICABLE.

Is there any way by which we can avoid Tax Audit requirement for F&O trades.