Speculative Business Understanding - Confirmation required

Statement:
I am trading futures and options on a stock Index in an exchange the US.


What I have understood so far about the above method of trading.
1. Determination of Speculative:
- If I was doing this in India (a "recognised exchange"), it would NOT be speculative business.
- The only thing that makes it speculative is that the exchange is not recognised (US based).


2. Determination of Basis of Turnover:
- The BASIS of TURNOVER for my trading will be SQUARED UP transaction's profit/loss - as opposed to the sale price, etc of normal transactions.
- The absolute value (without signs) of the individual squared up transactions P/L will be added to determine TURNOVER.

3. When do I need to be audited?
- If this Turnover of Speculative Business exceeds 60 lakhs (40 earlier), then my return needs to be audited, before being filed.
=====> In "Profits and gains of business or profession" What makes my trading a Business vs. a profession? Because the profession limit is lower....

4. What's the tax Rate?
- Profits from a speculative business are taxed at a flat 30% rate.
- Losses can be carried forward for a max of 4 consecutive years.


Some of what I referred to:
Overall Q&A:
/forum/future-and-options-trades-20387.asp

Covered exchanges:
/forum/commodity-futures-taxability-68908.asp

Basis of turnover for speculative business:
/experts/turnover-caculation-422205.asp#219203
/forum/what-is-speculation-buisness-12535.asp
/experts/turnover-of-intraday--445820.asp