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F & o

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(Querist)
28 July 2014 My client received 600000/- salary and his F & O Income is around 1500000/- den which itr form should be filled.. and how income from F & O should be taxed
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Kailas Mate

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Kailas Mate (Expert)
28 July 2014 You can go through ITR 4 Form
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
28 July 2014 nitin,

first of all you need to compute the F&O turnover. With a 15 lakhs profit, it is quire possible that turnover may actually exceed Rs 1 cr. In such a case 44AB audit shall apply.

Where turnover is less than 1 cr, you shall have the option offering income lesser than actual profits under 44AD.

In any case, the most pivotal issue to resolve is the turnover computation.
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