Easy Office
Easy Office

How to show derivatives income

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
26 July 2013 i did derviates trading. Total sales value of contract was 7.42 crore and total purhcase value is 7.41.

in whole process just made profit of Rs 50,000.
It needs to be shown as business income, but
Question is
1) How to show in income tax return? ie sales of 7.42 core less purchase of 7.41 crore or/ just profit of Rs 50k in business income.

2) Is tax audit required?
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
26 July 2013 only show net income
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
26 July 2013 Net income can it be shown in "income from other sources" or business profit
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

C A S.S.Agarwal, M.Com.,LL.B,

Profile Image

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
02 September 2013 You have to show this as business income but mind it your tO is above 1 Cr. so 44AB and 44AA are applicable.
Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
02 September 2013 Show it Sales- purchase=net amount in itr-4,
tAX AUDIT IS APPLICABLE.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links