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Income tax FnO Loss

MAYUR (PROP) (97 Points)

11 September 2018

sir, please guide F& O loss set off Ageist Partnership Salary ******* Salary 6 lakh & Loss 10Lakh 4 Lakh C/f Second F & O is profit or Loss treated as business income can Audit Applicable (Turnover Bess )

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 12 September 2018

1. Yes.

2. Depends upon turnover of F&O transactions...

MAYUR (PROP) (97 Points)
Replied 13 September 2018

sir,

F & O 2 or 3 Transaction cross 1 Crore Then Audit !!!!

F& o Margin money turnover cross 1 crore after audit

Sale & Purchase (proft or loss ) turnover cross 1 crore

please explain in details its very confusion about F& O income

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 13 September 2018

For the purpose of determining the turnover in case of future and options, based on the guidance note of ICAI , following items should be considered to constitute turnover:-

The total of positive and negative differences , plus
Premium received on sale of options is also to be included in turnover ,plus
In respect of any reverse trades entered, the difference thereon But not the total value of contract.

For details refer: fo-trader-turnover-return-filing