Under what head of income the sales of futures and options to be disclosed. If it has to disclosed as business income please tell me the section
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Sale of futures and options
Replies (5)
Income from F&O deals is almost always treated as business income. This treatment is irrespective of the frequency or volume of your transactions. That may come as a surprise if you are salaried and have never run a business. Taxpayers who have business income have to file ITR-4.
if you are filing under 44AD, you may use ITR-4. in case you have losses, or income less than 6% of the turnover, file ITR-3. Check for audit applicability.
2 crore Turnover and loss
gor for an audit too then!
agree with Mr. nikhil reply....
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