T.O.= Add all the profit & loss figures (take absolute values, no minus for losses)
eg: Trade 1 profit of 100
Trade 2 loss of 90
Total T.O. = 190 for these 2 trades
Do similar for all the Futures trades.
If T.O. > 1 cr. = audit
If T.O. < 1 cr. & you have a loss in total (fno) & your total income > 2.50 lacs basic IT exemption slab (FY2014-15) = audit ; (ironic, isn’t it !)
If T.O. < 1 cr. & you have a loss in total (fno) & your total income < 2.50 lacs basic IT exemption slab (FY2014-15) = no audit
Audit cost heard in the range of 6-20K. You can find online CAs also who will do it if you send them the details. The figures have to be provided by you, do not expect them to go thru all your contract notes.
For option trades you have to add the premium received on sale of options also (This I do not understand, once we have opposite positon in an option we have profit / loss figure already then why add option premium also ??? Ideally premium should be added if we write the option & it expires worthless but the ICAI / CBDT does not understand it)
Caution: I suffer from bouts of amnesia, so better check with your CA.
eg: Trade 1 profit of 100
Trade 2 loss of 90
Total T.O. = 190 for these 2 trades
Do similar for all the Futures trades.
If T.O. > 1 cr. = audit
If T.O. < 1 cr. & you have a loss in total (fno) & your total income > 2.50 lacs basic IT exemption slab (FY2014-15) = audit ; (ironic, isn’t it !)
If T.O. < 1 cr. & you have a loss in total (fno) & your total income < 2.50 lacs basic IT exemption slab (FY2014-15) = no audit
Audit cost heard in the range of 6-20K. You can find online CAs also who will do it if you send them the details. The figures have to be provided by you, do not expect them to go thru all your contract notes.
For option trades you have to add the premium received on sale of options also (This I do not understand, once we have opposite positon in an option we have profit / loss figure already then why add option premium also ??? Ideally premium should be added if we write the option & it expires worthless but the ICAI / CBDT does not understand it)
Caution: I suffer from bouts of amnesia, so better check with your CA.