Trading in Futures and options
This query is : Resolved
09 August 2010
1)Income from trading in futures and option is Taxable under which head - capital gains or Business & Profession????
2) If taxable under Business & Profession - Whether Speculative or Non Speculative?
Please Reply quoting some authentic source like some circular or guideline issued on this
2) If taxable under Business & Profession - Whether Speculative or Non Speculative?
Please Reply quoting some authentic source like some circular or guideline issued on this
09 August 2010
1) Taxable under the head "business/profession".
2) Non-Speculative transaction.
Refer proviso (d) section 43(5) of the IT Act,1961.
2) Non-Speculative transaction.
Refer proviso (d) section 43(5) of the IT Act,1961.
09 August 2010
agreed
10 August 2010
M VERY MUCH THANKFUL FOR PROMPT REPLY...AND I EXPECT SAME ASSISTANCE FROM YOU ALL GOING FORWARD
10 August 2010
suppose an assessee has income from F&O as his main source of income, then how his turnover is to be calculated for audit purposes...
10 August 2010
For Tax Audit, Turnover means aggregate of the Absolute value of Net pay offs (whether positive or negative) from the transactions in F&O.
Lets say.. if a person earns Rs. 20 L from a transaction in F&O & looses Rs. 21 L in another transaction, his net pay off is loss of Rs. 1 L but his turnover is Rs. 41 L (20+21).
Lets say.. if a person earns Rs. 20 L from a transaction in F&O & looses Rs. 21 L in another transaction, his net pay off is loss of Rs. 1 L but his turnover is Rs. 41 L (20+21).
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