Future and option income
This query is : Resolved
09 November 2021
Dear sir,
I am filing my income tax under 44ad
this year I got income of rs 15 lacks in future trading
can i filed my buisness income(45lacks)+ future trading(15 lacks)=total 60 lacks under 44ad and show net profit of 8% of 60 lacks
kindly provide guidence
I am filing my income tax under 44ad
this year I got income of rs 15 lacks in future trading
can i filed my buisness income(45lacks)+ future trading(15 lacks)=total 60 lacks under 44ad and show net profit of 8% of 60 lacks
kindly provide guidence
09 November 2021
What is your turnover in both the businesses?
09 November 2021
EQUITY DERIVATIVES
F&O TRADING SUMMARY
A STT Paid (₹)=25257
B Other Charges (₹)=215773
C Net PurchaseValue (₹)=238373092
D Net Sale Value (₹) =241050072
E(D-C) total Turn Over 2676980
F Turn over of construction buisness= 4390563
F&O TRADING SUMMARY
A STT Paid (₹)=25257
B Other Charges (₹)=215773
C Net PurchaseValue (₹)=238373092
D Net Sale Value (₹) =241050072
E(D-C) total Turn Over 2676980
F Turn over of construction buisness= 4390563
09 November 2021
First of all ....
The turnover in case of F&O transaction to be computed as below:
(i) The total of favorable and unfavorable differences (Profit/Loss) shall be taken as turnover.
(ii) Premium received on sale of options is also to be included in turnover.
(iii) In respect of any reverse trades entered, the difference thereon, should also form part of the turnover.
So, check if the turn over of both the businesses in aggregate is below 2 Cr. If, yes, you can opt for presumptive assessment u/s. 44AD of the act.
Secondly, 6/8% minimum profit declaration is over Turnover and not over profits, as stated above.
The turnover in case of F&O transaction to be computed as below:
(i) The total of favorable and unfavorable differences (Profit/Loss) shall be taken as turnover.
(ii) Premium received on sale of options is also to be included in turnover.
(iii) In respect of any reverse trades entered, the difference thereon, should also form part of the turnover.
So, check if the turn over of both the businesses in aggregate is below 2 Cr. If, yes, you can opt for presumptive assessment u/s. 44AD of the act.
Secondly, 6/8% minimum profit declaration is over Turnover and not over profits, as stated above.
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