F & o
This query is : Resolved
28 July 2014
My client received 600000/- salary and his F & O Income is around 1500000/- den which itr form should be filled.. and how income from F & O should be taxed
Kailas Mate
(Expert)
28 July 2014
You can go through ITR 4 Form
Nikhil Kaushik
(Expert)
28 July 2014
nitin,
first of all you need to compute the F&O turnover. With a 15 lakhs profit, it is quire possible that turnover may actually exceed Rs 1 cr. In such a case 44AB audit shall apply.
Where turnover is less than 1 cr, you shall have the option offering income lesser than actual profits under 44AD.
In any case, the most pivotal issue to resolve is the turnover computation.
first of all you need to compute the F&O turnover. With a 15 lakhs profit, it is quire possible that turnover may actually exceed Rs 1 cr. In such a case 44AB audit shall apply.
Where turnover is less than 1 cr, you shall have the option offering income lesser than actual profits under 44AD.
In any case, the most pivotal issue to resolve is the turnover computation.
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