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      Income Tax

      Computation of Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions

      2 June, 2023

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      Manual - Audit of accounts of certain persons [Tax Audit]

      Section 44AB - Audit of accounts of certain persons carrying on business or profession

      Income-tax Act, 1961

      Determination of Turnover of the Business activities from Speculation transaction or Derivatives, futures, and options or Delivery based transactions always remains in the helm of affairs and debatable.

      In this article, an attempt is being made by the TMI to analyze the provisions as per the Income Tax Act, 1961 alongwith the Guidance Note issued by the ICAI

      Speculation Business

      It means a transaction in which a contract for the purchase or sale of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips. Thus, in a speculative transaction, the contract for sale or purchase which is entered into is not completed by giving or receiving delivery so, as to result in the sale as per value of contract note. In the case of an assessee undertaking speculative transactions there can be both positive and negative differences arising by settlement of various such contracts during the year.

      In such transactions though the contract notes are issued for full value of the purchased or sold asset, the entries in the books of account are made only for the differences.

      Derivatives, futures, and options:

      Such transactions are completed without actual delivery of shares or securities or commodities etc. These are squared up by receipts/payments of differences. The contract notes are issued for the full value of the underlined shares or securities or commodities etc. purchased or sold but entries in the books of account are made only for the differences. The transactions may be squared up any time on or before the striking date. The buyer of the option pays the premia. The turnover in such types of transactions is to be determined as follows:

      1. The total of favourable and unfavourable differences shall be taken as turnover.
      2. Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, the same should not be separately included.
      3. In respect of any reverse trades entered, the difference thereon, should also form part of the turnover.

      Delivery based transactions:

      Where the transaction for the purchase or sale of any commodity including stocks and shares is delivery based whether intended or by default, the total value of the sales is to be considered as turnover.

      How to calculate Turnover/Gross Receipts of Shares, Securities & Derivatives;-

      Speculative transaction

      Derivatives, futures and options

      Turnover = Aggregate of Positives & Negatives, the difference amount will be the ‘Turnover’

      Turnover = Total of Favorable & Unfavorable differences shall be taken as Absolute Turnover.

      Premium, if received in case of Options shall also form part of turnover

       

      Example 1 - For Speculative Business

      Transactions

      Qty

      Buy

      Sell

      Realized

      Turnover

      A

                        58

                           9,52,850

                        9,59,435

                    6,585

                    6,585

      B

                  4,205

                        85,96,345

                      86,55,295

                  58,950

                  58,950

      C

                  3,850

                           3,59,864

                        3,51,614

                   -8,250

                   -8,250

      D

                  2,605

                           5,86,934

                        5,78,365

                   -8,569

                   -8,569

      E

                      800

                           5,98,756

                        5,98,506

                      -250

                      -250

      F

                  7,566

                           8,05,659

                        8,09,659

                    4,000

                    4,000

      G

                  8,995

                        50,06,895

                      50,12,764

                    5,869

                    5,869

      Total

                     1,69,07,303

                  1,69,65,638

                  58,335

                  58,335

       

      Aggregate of Positive & Negative shall form part of turnover i.e., Turnover = ₹58,335

      Example 2 - For Derivatives & Futures

      Transactions

      Qty

      Buy

      Sell

      Realized

      Turnover

      A

                        58

                           9,52,850

                        9,59,435

                    6,585

                    6,585

      B

                  4,205

                        85,96,345

                      86,55,295

                  58,950

                  58,950

      C

                  3,850

                           3,59,864

                        3,51,614

                   -8,250

                    8,250

      D

                  2,605

                           5,86,934

                        5,78,365

                   -8,569

                    8,569

      E

                      800

                           5,98,756

                        5,98,506

                      -250

                        250

      F

                  7,566

                           8,05,659

                        8,09,659

                    4,000

                    4,000

      G

                  8,995

                        50,06,895

                      50,12,764

                    5,869

                    5,869

      Total

                     1,69,07,303

                  1,69,65,638

                  58,335

                  92,473

      Sum of Net Profit

                                                                                    75,404

      Sum of Net Loss

                                                                                    17,069

      Absolute Profit

                                                                                    92,473

       

      Turnover = Absolute profit i.e., Turnover = ₹ 92,473

      For Intraday the same example 2 will be applicable.

      In case of Option, if premium is there then such premium is to add in Absolute Turnover
      For example

      Name of Share

      Nature of transaction

      Lot purchased

      Buy Value

      Sales Value (Premium received on Sale)

      Gain / (Loss)

      Turnover as per GN 2022

      Turnover as per GN 2014

       

      		 

      Sun Limited

      Call Option

      4*1000 =4,000

      60,000

      80,000

      20,000

       

      20,000

       

      80,000 + 20,000 = 100,000

       

      		 

      Star Limited

      Put Option

      1*1500= 500

      30,000

      25,000

      -5,000

      5,000

      25,000+ 5,000 = 30,000

       

      		 
        

      Moon Limited

      Call Option (Not squared off)

      1* 1000 = 1,000

      –

      70,000

      –

      70,000

      70,000

      		  
        

      Total

      95,000

      2,00,000

      		  

      An Opinion - Above mentioned example, as per our understand, is being followed by the professionals in the field. Though there’s different practices are there. Due to complications/confusion in point no. 2 - “Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, the same should not be separately included” regarding treatment of premium received. - Since the end result as per option (i) and (ii) will remain same. 

       

      Full Text:

      Section 44AB - Audit of accounts of certain persons carrying on business or profession

      Income-tax Act, 1961

      Manual - Audit of accounts of certain persons [Tax Audit]

      Manual - Meaning of term "Speculative Transaction"

      Manual - Losses in Speculation Business - Section 73

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      ActsIncome Tax
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