In the meanwhile, can you please guide us on maintenance of accounts. Can we prepare accounts just considering the bank account in which FnO transactions happened. This is for individual and no separate business name exist.
Accounts for fno trading
Page no : 2
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 26 July 2018
" Can we prepare accounts just considering the bank account in which FnO transactions happened. This is for individual and no separate business name exist."
No...
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 30 July 2018
Since main source of income of taxpayer is still salary for livelihood, ITR2 form can be applicable and F&O income can be treated speculative income (30% tax). In this way you dont get tagged to a particular process for 5 continuous years.
However taxation can be more in this case on the F&O profit amount.
Experts can advise more from legal standpoint.
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