Trading in Futures and options
This query is : Resolved
09 August 2010
1)Income from trading in futures and option is Taxable under which head - capital gains or Business & Profession????
2) If taxable under Business & Profession - Whether Speculative or Non Speculative?
Please Reply quoting some authentic source like some circular or guideline issued on this
2) If taxable under Business & Profession - Whether Speculative or Non Speculative?
Please Reply quoting some authentic source like some circular or guideline issued on this
09 August 2010
1) Taxable under the head "business/profession".
2) Non-Speculative transaction.
Refer proviso (d) section 43(5) of the IT Act,1961.
2) Non-Speculative transaction.
Refer proviso (d) section 43(5) of the IT Act,1961.
09 August 2010
agreed
10 August 2010
M VERY MUCH THANKFUL FOR PROMPT REPLY...AND I EXPECT SAME ASSISTANCE FROM YOU ALL GOING FORWARD
10 August 2010
suppose an assessee has income from F&O as his main source of income, then how his turnover is to be calculated for audit purposes...
10 August 2010
For Tax Audit, Turnover means aggregate of the Absolute value of Net pay offs (whether positive or negative) from the transactions in F&O.
Lets say.. if a person earns Rs. 20 L from a transaction in F&O & looses Rs. 21 L in another transaction, his net pay off is loss of Rs. 1 L but his turnover is Rs. 41 L (20+21).
Lets say.. if a person earns Rs. 20 L from a transaction in F&O & looses Rs. 21 L in another transaction, his net pay off is loss of Rs. 1 L but his turnover is Rs. 41 L (20+21).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
