Vivek B. Bhinde (Action Creates Energy !!) 23 July 2014
Future & Option Business is not a speculative business, its a normal business as per Sec 43(8). Also the criteria for audit is different , it is covered in Audit if the Profit & Loss taken in absolute exceeds the 44AB Limit.
But how is the presentation in the ITR is to be done. Whether the Total Sales Less Purchases is to be shown in ITR or in some other way it is to be done. For Eg. Total Purchases is suppose 1.20 CR & Purchases is 1.18 CR then the Loss is 2 Lacs.
I Suppose in ITR we have to show
Total Sales as 1.18
Less Purchases 1.20
Loss 2 Lacs