Derivative trading

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2016 One of my Client was involved in Derivative Trading, and suffered a Loss, My Quesry is How to Take in Filling I.Tax Return, He is salaried Employee, but Total Turn Over involved More Than RS 1 Crore, My Query is
1. Whether he will Come under Purview of Audit U/S 44AB
2. How it will be Filed in I.Tax return

Amol S Joglekar

Amol S Joglekar (Expert)
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23 May 2016 find out the MOD value of the derivative transactions. (Only positive difference) if the same exceeds the turnover limit of 12 crore, then tax audit becomes applicable.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 May 2016 assuming the turnover computed as per ICAI guidelines for derivative transaction exceed Rs 1 cr, kindly do the following:

1. ask the client to get a DSC

2. Complete that tax audit as per ICAI guidance note on tax audits

3. File ITR-4. Include Salary in Salary sheet itself.

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