In the meanwhile, can you please guide us on maintenance of accounts. Can we prepare accounts just considering the bank account in which FnO transactions happened. This is for individual and no separate business name exist.
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Accounts for fno trading
" Can we prepare accounts just considering the bank account in which FnO transactions happened. This is for individual and no separate business name exist."
No...
Since main source of income of taxpayer is still salary for livelihood, ITR2 form can be applicable and F&O income can be treated speculative income (30% tax). In this way you dont get tagged to a particular process for 5 continuous years.
However taxation can be more in this case on the F&O profit amount.
Experts can advise more from legal standpoint.
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