Future & options business by salaried
This query is : Resolved
MEGHA MITTAL
(Querist)
11 July 2018
If a Salaried person perform frequent future & options transaction and incurred some loss as a whole. Also turnover is less than 1 crore.
please suggest the following:
1. If Tax audit is compulsorily required for carry forward of losses in the transaction?
2. Is it a speculative business or non speculative business?
please suggest the following:
1. If Tax audit is compulsorily required for carry forward of losses in the transaction?
2. Is it a speculative business or non speculative business?
11 July 2018
1. If the absolute value of loss and profit > 1 crore, tax audit applicable.
2. Non speculative business.
Ps:- absolute value of loss Rs. 10 and profit Rs. 15 is Rs.25
2. Non speculative business.
Ps:- absolute value of loss Rs. 10 and profit Rs. 15 is Rs.25
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