F & o income tax liability undeshort term or business income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2015
SIR
I MADE A PROFIT OF 25 LACS FROM F&O FOR THE A.Y 15.16 AND I M INDIVIDUAL TAX PAYER SO MY INCOME WILL ATTRACT SHORT TERM CAPITAL GAIN OR WILL BE TREATED BUSINESS INCOME . OTHER SOURCES OF INCOME IS COMMISSION .
I MADE A PROFIT OF 25 LACS FROM F&O FOR THE A.Y 15.16 AND I M INDIVIDUAL TAX PAYER SO MY INCOME WILL ATTRACT SHORT TERM CAPITAL GAIN OR WILL BE TREATED BUSINESS INCOME . OTHER SOURCES OF INCOME IS COMMISSION .
11 August 2015
It is treated as business income. Also check 44AD Provision as to profit you are showing is above 8% of turnover.
11 August 2015
It will be treated as business income.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2015
PROFIT IS MORE THAN 8% OF TURN OVER SO WHAT TO DO? FILE RETURN UNDER 44AD? WHAT ABOUT OTHER INCOME ?CAN U GUID ME SIR
11 August 2015
You can declare 8% profit on turnover u/s 44AD provided your turnover is less than 1 crore and show other income also.
12 August 2015
1. Turnover is the absolute value of profit and loss of F&O transactions.
2. If such amount > 1 crore or the end result ( profit- loss) 8%, 44AD can be opted.
4. In either case the income is normal business income and not speculative income or capital gains.
2. If such amount > 1 crore or the end result ( profit- loss) 8%, 44AD can be opted.
4. In either case the income is normal business income and not speculative income or capital gains.
12 August 2015
Clause 2 may be read as follows:-
2. If such amount > 1 crore or the end result (profit - loss) < 8% 44AB audit is required.
Clause 3 some how disappeared which may be seen as under.
3, If turn over as in 1 above < 1 crore and profit as said in 2 above < or = 8% , 44 AD can be opted.
Clause 2 may be read as follows:-
2. If such amount > 1 crore or the end result (profit - loss) < 8% 44AB audit is required.
Clause 3 some how disappeared which may be seen as under.
3, If turn over as in 1 above < 1 crore and profit as said in 2 above < or = 8% , 44 AD can be opted.
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