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SUSHANT BIDAYE   31 March 2021

Derivatives transactions

I have following futures transactions

profit Rs. 10 lakh

loss Rs. 3 lakh.

so turnover 13 Lakhs.

can I show my profit at 8 % i.e. 1.04 lakhs and pay tax,

whereas my actual profit is 8 lakhs

 2 Replies

Ankit Neema

Ankit Neema   05 April 2021

I think you cannot offer a lower profit.
Vasudevan C P

Vasudevan C P   15 July 2021

Yes Sushant ji, the absolute profit (here 13L) will be your Turnover and provisions of 44AD presumptive taxation can be applied.

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