Hello I am salaried person and also doing MCX Future trading. My turnover is 80,000 with loss of 1000. Now If i opt for ITR 4 SUGAM (presumtive income scheme) and show 8 % profit will it be illegal/noncompliant ? Can AO charge any pentalities if I fall under scrutiny. My sole intention is not to evade tax (in fact I am paying more) but to avoid the costly audit charges. Kindly reply
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Presumptive income
Replies (5)
Yes........ you are correct....... and completely according to law.. Even 6% will be OK
Will futures trading falls under speculation business?
non speculative
But futures are settled in cash rather than physical delivery??
As per rules, FnO - business income.
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