01 March 2017
Sir
My client had made F & O Trading in 14-15 & 15-16 & made a profit of Rs 72 lakh & loss of Rs 1.03 Crore
Wheather he is liable u/a 44AB or not
Kindly Suggest.
Thank You
01 March 2017
Profit/Loss from Derivative Trading is taxable under head "Income from Business or Profession". The contract note available is sufficient to ascertain the profit/Loss arising from such trading. If you incurred any expenditure for doing such trading i.e office expenditure, salary of staff or any other expenditure against such trading and want to claim deduction and turnover from Derivative trading exceed the threshold limit then Tax audit u/s 44AB of Income Tax is required.
CAclubindia
