Futures and options turnover computation kept derivatives activity below the tax-audit threshold, resulting in deletion of non-furnishing penalty.

Futures and options turnover computation kept derivatives activity below the tax-audit threshold, resulting in deletion of non-furnishing penalty. https://www.taxtmi.com/highlights?id=101768 For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted. en-us Thu, 16 Jul 2026 09:07:12 +0530 Thu, 16 Jul 2026 09:07:14 +0530 TaxTMI RSS Generator Futures and options turnover computation kept derivatives activity below the tax-audit threshold, resulting in deletion of non-furnishing penalty. https://www.taxtmi.com/highlights?id=101768 For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted. Highlights Income Tax Thu, 16 Jul 2026 09:07:12 +0530 https://www.taxtmi.com/highlights?id=101768