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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Rent lease agreement
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
