Speculation Income or Business Income
This query is : Resolved
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????
Thanks
If a professional have 5Lacs Professional Income, and 18 Lacs F&O Income, Section 44AB applicable????
Thanks
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.
By the virtue of Section 43(5), it is normal business income.
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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.
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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