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Taxability of Derivatives
I have 2Lakhs loss from derivatives, can i declare my income U/s 44AD. If yes, on which i have to declare 8%?
Replies (3)
In case you declare your income as loss u/s 44AD you have get your accounts compulsory audited.
I am ready to pay tax instead of Audit. Is there a provision under 44AD? IF yes what is the turnover that i should take
Then you need to find out the turnover of derivative. This can be ascertained by adding the difference between buy and sell of derivative contracts. In other words the profit as well as loss (In absolute or take it as a positive figure) in each contract has to be added. on that turnover pay 6% tax.
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