Which ITR for Future & options income

This query is : Open

ARCHANA (Querist)
Follow

04 July 2022 Sir/mam,

Future and options profit raised income which head we have to show this income under Income tax head, which ITR form we have to use.

please guide me

Thanking you,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

04 July 2022 Show it as business profit file ITR 4 declaring minimum 6% profit on turnover.
Here turnover is aggregate of positive and negatives.

Message likes : 1 times

ARCHANA

ARCHANA (Querist)
Follow

04 July 2022 Thank you sir for your reply, it comes under normal slabs rate of Income tax

CA Puja Sharma

CA Puja Sharma (Expert)
Follow

04 July 2022 If your profit is more than 6%, then you can use ITR 4 and declare under the presumptive scheme. The turnover should be up to Rs. 10 crores.
If there is lower profit, then use ITR 3.

Message likes : 1 times

ARCHANA

ARCHANA (Querist)
Follow

04 July 2022 Thank you Sir, The person is Senior Citizen 71 years and Having other income Rentals only which form

CA Puja Sharma

CA Puja Sharma (Expert)
Follow

04 July 2022 As mentioned above use ITR 3 or 4 depending upon the profit of the business.

ARCHANA

ARCHANA (Querist)
Follow

09 July 2022 Sir
Mam

Future and options
Example if any one invested 9 laks and received profit 4 laks

My doubt is I have to show directly 4 lakhs in inome from profit gains column
Or 6 percent on 4 lakhs in above column

Plz clarify my doubt