New Delhi, Aug. 5 -- The 31 July deadline for filing income tax returns (ITRs) has passed for most individual taxpayers. While those who missed the deadline can still file a belated return, F&O (futures and options) traders who are required to undergo a tax audit now have another important date to keep in mind: 31 August.

For these taxpayers, one of the most important aspects of tax filing is correctly calculating F&O turnover. Unlike a regular business, turnover in F&O trading is not the total value of contracts traded. Instead, it is calculated using a prescribed method under tax rules, making it a key factor in determining tax audit requirements and ITR reporting.

CA Anshul Bhargava explained that one of the most common mistakes F&O ...