NISM Series XIII Common Derivatives Certification Exam Notes
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Turnover Computation: Turnover for exchange-traded derivatives includes total favourable and unfavourable differences, premiums received on options sales, and differences on reverse trades.
Importance of Turnover: Turnover determines tax audit applicability and eligibility for presumptive taxation under Section 44AD.
Presumptive Taxation: Under Section 44AD, taxpayers with turnover up to ₹2 crores (₹3 crores if 95% receipts are digital) can declare profits at 6% of turnover.
Tax Audit Limit: Tax audit is mandatory if turnover exceeds ₹2 crores (or ₹3 crores with 95% digital receipts).
Advance Tax: Taxpayers under presumptive taxation can pay 100% advance tax by 15th March.
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