How to show derivatives income
This query is : Resolved
Querist : Anonymous
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?
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?
26 July 2013
only show net income
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2013
Net income can it be shown in "income from other sources" or business profit
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.
02 September 2013
Show it Sales- purchase=net amount in itr-4,
tAX AUDIT IS APPLICABLE.
tAX AUDIT IS APPLICABLE.
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