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
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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