Dear Experts
I have profit from Stock futures (in addition to Salary, Short Term equity profit) and would like to know
1. Which ITR form should be used for filing Income Tax Return ? (ITR 2 or ITR4)
2. Is there any need of aduit to be done ?
Regards Ashok
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
CCI
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