F&O Transactions above 1 Crore is auditing a must or are there exceptions.

Share
Share This Thread
  1. pavan vulli

    pavan vulli New Member

    Dear Sir, This is Pavan Vulli, I work in the private sector as a Flight Attendant. I have been trading in F&O for the last half a decade. Last year my total turnover was 28 Crores and and I incurred a loss of 2.4 Lakhs approx. But according to the calculations after going through your website I must have crossed the 1 crore turnover meaning 30K profit and 20K loss would have resulted in 50K turnover so by this calculations I am sure I crossed 1 crore in the last financial year. My CA has already filed the returns and has shown the loss which I have incurred and has told me I don't need to do an Audit for my transactions. I am really confounded as to what to do now. I basically trade in F&O. I have some investments in cash but I don't trade there. Sir if I make a profit in trading in F&O how much percentage should I pay in the form of taxes? My total gross salary last year was approx 8.8 lakhs. Could you please elucidate further. If I failed to do an audit what are the consequences and if I get a notice will I be in trouble? Hope to hear from you at the earliest.

    Pavan Vulli.
     
  2. Yatin Gandhi

    Yatin Gandhi Active Member

    You should get your Audit conducted if your Annual Turnover is more than Rs. 1 Crore.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Computation of Turnover in case of Derivative transactions in F&O Market Income Tax Jul 9, 2017
Tax Notice received for Transactions not shown in ITR Income Tax Sep 28, 2016
54F - Sale involves multiple transactions and is across financial years Income Tax Aug 17, 2016
Is TDS applicable on Barter Transactions? Income Tax Mar 9, 2016
Applicability of Tax Audit for share transactions Income Tax Nov 20, 2015