Derivatives transactions


05 July 2020  
my client is engaged in derivatives transaction viz. futures & options regularly on National stock exchange.

I understand it will be treated as business income and the total profit /loss made will be added together and will be treated as turnover.

now in case of my client,

total profit transaction Rs. 8 lakhs.

loss transactions 3 lakhs.

so turnover 11 lakhs.

so can he declare income of 66000 under presumptive and get away by it , when in fact he has made a profit of 8 lakhs in the year.