Tax audit for F & O Transaction
This query is : Resolved
rakesh gandhi
(Querist)
02 October 2009
What is the applicability of TAx audit for F & O Transaction. Futures & Options.
Also what is the applicability of Tax audit on Arbitrage transactions i.e buying in Cash and selling in futures and vice versa.
Also what is the applicability of Tax audit on Arbitrage transactions i.e buying in Cash and selling in futures and vice versa.
Aditya Maheshwari
(Expert)
03 October 2009
If profit + loss exceeds Rs. 40 lakhs during the year then liable for tax audit u/s 44AB
Turnover in case of speculative & F & O transactions is considered as profit + loss.
In case of Arbitrage transactions i.e buying in Cash and selling in futures and vice versa selling of shares will be considered as turnover and F & O will be profit + loss
Turnover in case of speculative & F & O transactions is considered as profit + loss.
In case of Arbitrage transactions i.e buying in Cash and selling in futures and vice versa selling of shares will be considered as turnover and F & O will be profit + loss
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