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Fno

dhaval30 (officer) (24 Points)

27 March 2015

I am a PSU bank employee and I am trading in fno derivatives in futures and options su how to file my returns and is it allowed to do trading with bank job?

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3 Replies

CA JITENDER CHAUHAN (PRACTISING CHARTERED ACCOUNTANT) (56 Points)
Replied 28 March 2015

above income is taxable under the head income from bussiness and profession so file itr-4

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saransh sharma (Student CA Final ) (25 Points)
Replied 30 March 2015

their is no restiction in doing so but be pecular at any income/loss arising out of derivative trading is compulsorily to be considered u/h business and profession as speculative business income.
Further only ITR 1 is to filed in this case as you do also have salary income.

Nikhil Kaushik (Fellow CA) (86516 Points)
Replied 09 April 2015

just correct the above advice by Saransh.

1. futures and options transactions are not accounted for as "speculative transactions. Any loss/profit on account of futures and options are considered normal business income.

2. once any income is covered under business (irrespective of it being speculative or otherwise) the same is to be covered under ITR4/ITR4S only. ITR 1 cannot be filed in such a case.