- turnover means?
For example -The transcaction have to recorded btwnn Trader & Broker not with Stock exchange?
For ex, a person puchase
1 future contract for Rs.10k (margin)amt &
Actual cost of contract 7Lakhs
& solds at 7.01L
Profit being 1000 .
So purchase in trader book is for 10k or 7L?
For future turnover would be absolute profit/loss
Sir can u please read situation and tell me according to that please
My mean is to say that as I paid only margin 10k to buy 1 lot. sold that future lot and got 11000 so turnover is this 11k?
Actual future contract cost 7L
Which one is turnover? 11k or 7.01L ?
Posted in wrong thread
For calculation of Exchange Transaction Taxes, Stamp Duty, SEBI charges, your turnover is 7+7.01= 14.1L
For Income tax audit purpose its 1000.