Futures & options of stock transactions taxability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2011
Whether the payment or receipt of Mark-to-Market is taxable? If yes, under which head.
What should be done of those contracts which are not squared-off at the end i.e. on 31st March? Whether it should be kept as is it, or we need to book notional sales, or else we bring the contract to the value as on 31st March.
What should be done of those contracts which are not squared-off at the end i.e. on 31st March? Whether it should be kept as is it, or we need to book notional sales, or else we bring the contract to the value as on 31st March.
Aditya Maheshwari
(Expert)
02 August 2011
Net profit or loss is taxable under the head business income.
In case of profit + loss exceeds Rs. 60 lakhs then you are liable for audit u/s 44AB.
for accounting purpose see this link
https://www.caclubindia.com/share_files/guidance-note-on-accounting-for-futures-options-28916.asp
In case of profit + loss exceeds Rs. 60 lakhs then you are liable for audit u/s 44AB.
for accounting purpose see this link
https://www.caclubindia.com/share_files/guidance-note-on-accounting-for-futures-options-28916.asp
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