Speculation Income or Business Income

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Rachana (Querist)
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14 July 2011 Does F&O income considered as Speculation Income or Business Income?

If a professional have 5Lacs Professional Income, and 18 Lacs F&O Income, Section 44AB applicable????

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 July 2011 Does F&O income considered as Speculation Income or Business Income?

By the virtue of Section 43(5), it is normal business income.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 July 2011 If a professional have 5Lacs Professional Income, and 18 Lacs F&O Income, Section 44AB applicable????

He is not required to get his accounts audited as the turnover independently does not crosses the prescribed limits U/s
44AB(b) and 44AB(a) respectively.

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