Turnover for Tax return file purpose

Income Tax Tax Audit
1

HI @Muskan_Balar ,

For resident Indian, what is definition of “Turnover” applicable to ITR filing of FY 22-23 & FY 21-22 in following cases. a) F&O trading, (b) Intraday Trading, (c) Equities Cash trading (d) Regular Business.

Can you also provide references from applicable IT act -articles/clauses, if available?

2

Hi @Chelcia

Here is a read on Trading Turnover Calculation for Trading Income - Learn by Quicko.

  1. Tax on F&O - Futures and Options Trading - Learn by Quicko
  2. Income Tax on Intraday Trading - Learn by Quicko
  3. Tax Audit Applicability : Help Center
3

Thanks.

Can you also enlighten, how to rectify at later stage, liability failure in any of past 5 years , to submit an audited report as required by section 44AB.( in the case a resident Indian, not get audited and submitted along with such ITR Such report on time)