Itr form for profit from stock future

Ashok,

1) Stock Futures are considered as business hence ITR 4 is applicable.

2) Audit is compulsory if the turnover exceeds the prescribed limited u/s 44AB of the Act.

turnover means sales... n limit upto ay 12-13 was 60L n the same has now been increased to 1cr

There is only delivery in futures, We only get profit or loss

So turn over in this case means profit ?

no.. turnover means the sale amount.. its like i buy 1 future contract worth 100000 against a margin of 20000 and thn u square off the contract when the mkt price for the same is 110000, thn turnover would mean 110000

But this contraditcs with

/experts/difference-between-speculation-and-trading-251585.asp