1. In the above case for the purpose of calculation of Turnover Add the Favourable Positions (Profit) as well as Unfavourable Positions (Loss). The Value so derived will be considered as Turnover.
1. In the above case for the purpose of calculation of Turnover of Option Transaction, add the premium obtained on selling the options to the absolute profit. The Value so derived will be considered as Turnover.
As per the above example, Turnover of Future transaction would be = 500+6000+400+5000+600+5000= 17,500.
Read More: MISMATCH BETWEEN GSTR 2A, GSTR 2B AND GSTR 8A
Understanding whether tax audit is applicable requires considering Gross Receipts, Cash Transactions, and Income from Futures and Options. Follow the steps to determine your situation accurately and seek professional advice if needed.
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