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of <h1>Understanding Turnover Calculation for Tax Audits: Section 44AB Insights on Speculative, Derivatives, Futures, and Options Transactions.</h1> The article discusses the computation of turnover for tax audit purposes under Section 44AB of the Income Tax Act, 1961, focusing on speculative business, derivatives, futures, options, and delivery-based transactions. In speculative transactions, turnover is calculated based on the differences between contract values, without actual delivery. For derivatives, futures, and options, turnover includes the total of favorable and unfavorable differences, and premiums received on options. Delivery-based transactions consider the total sales value as turnover. Examples illustrate these calculations, highlighting the inclusion of premiums in turnover and addressing complexities in accounting practices.
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