Most of you know how it;s done but idiots like me dont know howit;s done
This thread is for ppls like me i am sure there is always new me lol always and forever
How to calculate turnover
? Example
you buy HdfcBank Futures for 1450 and sell for 1400
Price __ Lot size qty____ Amount _____Margin u pay to broker
1450 x 550 (lot size) = 797500 ____ Rs. 1,65,960
So what will be your turn over for buy and sell order for this one ?
1 Lot HDFC bank bought @ 1450 = amount turn over 797500 and u paid margin 165960
then
1 lot of Hdfc bank u sold 1400 = amount turn over 770500 (1400x550)
So total turn over buy+sell ? = 797500+770500 = 1567500
So is your tax turn over 1567500 ? NOPE
How to calculate income tax turn over ?
Your income tax turn over is calculated as
ABSOLUTE VALUE OF = AMOUNT sell - AMOUTNT BUY
(Aboslute means even if number is negative consider it as positive )
AMT Sold- AMT Buy
770500 - 797500 = - 27000 ( minus loss 27k)
making that Absolute = 27000
So your Tax turnover is 27000
Understood ?
In short my way whatever your loss or profit figure is considered as tax turnover in shortcut way
Dont believe me what i said above or did i left you confusted then see this video
This thread is for ppls like me i am sure there is always new me lol always and forever
How to calculate turnover
? Example
you buy HdfcBank Futures for 1450 and sell for 1400
Price __ Lot size qty____ Amount _____Margin u pay to broker
1450 x 550 (lot size) = 797500 ____ Rs. 1,65,960
So what will be your turn over for buy and sell order for this one ?
1 Lot HDFC bank bought @ 1450 = amount turn over 797500 and u paid margin 165960
then
1 lot of Hdfc bank u sold 1400 = amount turn over 770500 (1400x550)
So total turn over buy+sell ? = 797500+770500 = 1567500
So is your tax turn over 1567500 ? NOPE
How to calculate income tax turn over ?
Your income tax turn over is calculated as
ABSOLUTE VALUE OF = AMOUNT sell - AMOUTNT BUY
(Aboslute means even if number is negative consider it as positive )
AMT Sold- AMT Buy
770500 - 797500 = - 27000 ( minus loss 27k)
making that Absolute = 27000
So your Tax turnover is 27000
Understood ?
In short my way whatever your loss or profit figure is considered as tax turnover in shortcut way
Dont believe me what i said above or did i left you confusted then see this video
