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Derivative from F&O Trading

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(Querist)
01 March 2017 Sir My client had made F & O Trading in 14-15 & 15-16 & made a profit of Rs 72 lakh & loss of Rs 1.03 Crore Wheather he is liable u/a 44AB or not Kindly Suggest. Thank You
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CA S K MISHRA

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CA S K MISHRA (Expert)
01 March 2017 Profit/Loss from Derivative Trading is taxable under head "Income from Business or Profession". The contract note available is sufficient to ascertain the profit/Loss arising from such trading. If you incurred any expenditure for doing such trading i.e office expenditure, salary of staff or any other expenditure against such trading and want to claim deduction and turnover from Derivative trading exceed the threshold limit then Tax audit u/s 44AB of Income Tax is required.
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