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.
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Tds on commission charges
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- Dep. as per companies act
- Change Of Karta In Case of Death
- FAST-DS Scheme - Foreign Assets
- Salary from Qatar in Dollars in India
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CCI
Pro
CAclubindia
