Itr return for future commodity trading

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2013 Dear Experts

Plz solve..

1. Income from future and option trading in commodity market will come under which head of income.
2. And Which Itr Form is relevant for this.

Thanks
Ajay

Ganeshbabu K

Ganeshbabu K (Expert)
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16 June 2013 1)any purchase of shares made with the motive of earning profit is considered to be Business income, whereas investments made with the intent of earning income through dividends will amount to capital gain.

2)Trading in futures and options are solely done with the motive of earning profit. Hence income/loss earned from trading Futures & Options is considered to be income/loss from business or profession.Thus you need to file ITR-4 form

How to compute turnover in case of futures/options if 44AB applicable to u,

Please do refer below articles

http://bit.ly/NvBPlQ

Thanks & regards
Ganesh babu k