regarding share future trading
This query is : Resolved
18 September 2010
stock market future trading is no more speculative income
if Mr.x whose gross profit n loss in FnO market is more then 10 lack/ 40 lakh
is it mandatory for him to prepare books/have tax audit
if Mr.x challenge that its his Income from "income from other source"
plz guide with reasons
if Mr.x whose gross profit n loss in FnO market is more then 10 lack/ 40 lakh
is it mandatory for him to prepare books/have tax audit
if Mr.x challenge that its his Income from "income from other source"
plz guide with reasons
18 September 2010
F& O in shares is non speculative business income. Turnover is profit + loss. If it exceeds Rs. 40 lakhs then liable for tax audit.
19 September 2010
By virtue of proviso (d) to section 43(5) inserted by the Finance Act,2005 w.e.f 01/04/2006,eligible transactions in derivatives shall not be deemed to be a speculative transaction. In view of that, if the absolute value of the profit and loss exceeds Rs.40/- lakhs (now increased to Rs.60/-lakhs) tax audit of the accounts are mandatory.
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