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
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).
CAclubindia
