Nifty and commodity gold
This query is : Resolved
01 October 2021
Assessee
deals in Bank Nifty F & O Business - sales Rs.1,49,843/- and purchases Rs.1,65,811/- Loss Rs.15,968/-
He also deals in Commodity (same day square off) - sales Rs.3,34,43,668/- and purchase Rs.3,40,49,689/- Loss Rs.6,06,021/-
Total from both activity sales Rs.3,35,93,511/- and purchases Rs.3,42,15,500/- Loss Rs.6,21,989/-
My questions are whether both above activities can be shown as business - Trading in F & O and
whether Tax Audit report is required ?
deals in Bank Nifty F & O Business - sales Rs.1,49,843/- and purchases Rs.1,65,811/- Loss Rs.15,968/-
He also deals in Commodity (same day square off) - sales Rs.3,34,43,668/- and purchase Rs.3,40,49,689/- Loss Rs.6,06,021/-
Total from both activity sales Rs.3,35,93,511/- and purchases Rs.3,42,15,500/- Loss Rs.6,21,989/-
My questions are whether both above activities can be shown as business - Trading in F & O and
whether Tax Audit report is required ?
01 October 2021
1. Yes.
2. No, subject 95% more of all the transactions be digital.
2. No, subject 95% more of all the transactions be digital.
04 October 2021
whether above trading is to be shown as speculation loss or business loss ?
04 October 2021
Both the tradings are F&O trading, and are classified as non-speculative business.
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