03 January 2011
In F.Y. 2009-10 I do trading in future and delivery based. I done future transaction of Rs. 70 lacs in a year and earned Rs. 50000. Also done transaction in delivery based of Rs. 39 lacs and earned Rs. 100000. I have no other income. Can I liable to get audited my a/cs. If yes, am I required to get my a/cs audited both types or future trasaction only? Guide me, plz.
04 January 2011
Sir, As per 43(5)(d) a derivative transaction income is business income. In case of shares your Income can be considered as business or capital gain on case to case basis.If your income is within the 10% slab,then consider your delivery based income as Short term capital gain.
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