Total Turnover Report in 5 Paisa Portal

Income Tax Tax Audit
#1

HI,

I have come through an article on this platform, which says you need to use 5 Paisa Profit and loss report to file the return and I completely disagree with this. As Paisa P&L report does include cost of purchase and cost of sale of share like stamp duty, IGST, brokerage, Exchange transaction charges etc. These all also need to deduct from profit and loss.

To the some extent I find Tax report is useful but to report short term and long term capital gain we need STT to exclude the same from profit in case of filing ITR2.

PLease advise.

#2

Hi @Amit, you are right when you say that the 5 Paisa P&L report includes cost of purchase, exchange transactions etc. Once you upload the report in the prescribed format our engines will calculate and give the final figure for you to review. Would love to help if you have any other query.

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#3

How to calculate total turnover in 5 paisa as tax audit is based on total turnover?

#4

@Sakshi_Shah1 @Hem_Shah can you help?

#5

Hi,

In case of traders, turnover is calculated when your income is to be reported in Business/Profession head which includes trades in Futures, Options and Intraday segment.

Where method to calculate Turnover for each is as below :-
Turnover of Futures = Absolute Profit
Turnover of Options = Absolute Profit + Premium on Sale of Options
Turnover of Intraday = Absolute of Sale value - Buy Value

Absolute - sum of values by ignoring -/+ signs.

Hope this helps.

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