Mr A has done Forex trading through. He has loss during the sale.
Under which head of income should the loss be declared.
Is income from forex trading speculative or non-speculative?
If non-speculative, how to calculate the turnover for assessing profit or loss?
Is tax audit applicable u/s 44AB if there is loss?
Please help me.
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Forex trading under Income tax
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whether it is speculative or not, depends on whether it was done through a recognised stock exchange or not. If it was done on MCX, then it is not a speculative activity.
read the tax audit guidance note for turnover computation. Audit applicability is subject to the turnover and whether the assessee was using 44AD benefits in earlier years or not.
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