Fellow CA
86871 Points
Joined June 2009
just correct the above advice by Saransh.
1. futures and options transactions are not accounted for as "speculative transactions. Any loss/profit on account of futures and options are considered normal business income.
2. once any income is covered under business (irrespective of it being speculative or otherwise) the same is to be covered under ITR4/ITR4S only. ITR 1 cannot be filed in such a case.