Are You Covered Under Tax Audit

travi

Well-Known Member
many traders daytrade in Equities segment , audit rules/scenarios same as in FNO as discussed in this thread ?

if other business income 3 lakhs
FNO loss 20,000
Equity (daytrading) profit 20,000
what shall be net income ? as profit and loss are in different segments.
Spot on Bhai, Income from EQ delivery is speculative while Intraday EQ trading is added to Business income.
Investor vs Trader.
 

xitija

Well-Known Member
travi sir,pls tell me how to calculate turnover here ex-
I bought 2 lots Banknifty 19000PE @ 110
and sold 2 lots @ 135
How much is my turnover in this example sir?
 

travi

Well-Known Member
if loss then that also should be added?
Only profit will add to Turnover.
Sir,if we short sell first,then buying later then short sell ka premium add karte hai kya?Ya buy side ka add karte hai?
Sell side, doesn't matter before or after.
Sir,if we take say 10 intra trades of Banknifty option then we easily fall in Audit case.2crores ka level to easily paar ho jaayega Sir.
Isiliye 2 Cr hai, chahe aap 2000 transaction mein karo ya ek hi mein.