Is that rule vary person to person? CA to CA?
My CA calculated option turnover same as future and I don't get any scrutiny notice yet..
He is a good CA from Mumbai and I don't want to mention his name..
He said, there is a gray area..no need to worry as I paid full tax, he can calculate turnover again if required. Tax don't changes with turnover.
But with C my turnover easily hit above 2Cr.. Audit required, which I don't gave.. But that is absurd..I traded only on premiums.
I have one more advantage..
All F&O trades squared of intraday, not a single contract Exercised.. May be thats why IT don't dare to challenge me..:lol: