future n options
Abhinav Jain (141 Points)
10 July 2018Abhinav Jain (141 Points)
10 July 2018
Abhinav Jain
(141 Points)
Replied 11 July 2018
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 11 July 2018
Yes he can file ITR 3 and futures and option sales shall be shown under specified business as speculation business.
Abhinav Jain
(141 Points)
Replied 11 July 2018
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 11 July 2018
You can file it as normal business by preparing P&L.Net profit shall be declared as income.
Calculation of turnover in case of F&O Trading
Turnover must be firstly calculated, in the manner explained below:
Here, it makes no difference, whether the difference is positive or negative. All the differences, whether positive or negative are aggregated and the turnover is calculated.
Expenses
Expenses such as postage, conveyance and telephone, incurred for carrying on the business can be claimed as business expenses. You can also claim depreciation on assets used for the business or profession.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)