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.
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
- Can we claim ITC in 28%
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Regarding E-invoice Generation
- Forgot to update debit note in gst
- Can we issue an invoice today
- SALE OF GOODS FROM OTHER STATE
- CA Final exam Form
- Can we claim RCM ITC paid on Gst audit of earlier years,
- Conversion of Pvt Ltd Company to a LLP
- Accounting Policies changes
- GST APPLICATION
- CERTIFIED TRUE COPY OF PARTNERSHIP DEED
- PARTNERSHIP FIRM REGISTARTION
- TDS on Immovable property to an NRI
- Revenue stamp for individual to Individual
- Regarding updated Return After Submission of Income Tax Audit Report
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
