Future & options business by salaried

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MEGHA MITTAL (Querist)
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11 July 2018 If a Salaried person perform frequent future & options transaction and incurred some loss as a whole. Also turnover is less than 1 crore.
please suggest the following:
1. If Tax audit is compulsorily required for carry forward of losses in the transaction?
2. Is it a speculative business or non speculative business?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 July 2018 1. If the absolute value of loss and profit > 1 crore, tax audit applicable.

2. Non speculative business.

Ps:- absolute value of loss Rs. 10 and profit Rs. 15 is Rs.25

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