10 October 2013
The income tax act shall be apply but Section 111A doesn't apply because of it is not the shares trading.
The said trading you is comes under business category and the profit/loss shall be taxable under the business head and you have to compute turnover as per the futures and options contract view.
If you want any further clarification and full details please call me:+91 8985063892 because of oral explanation is more clarification than writing explanation for this case because of some of the information and clarifications required. To produce all this here takes some time and haves some doubts also.
CAclubindia
