We are preparing ITR4 for F&O income. Can some one tell what should be the amount that has to be put in the Gross Receipts.
Futures
Contracted Value = 1 Cr Plus
Actual Payments Received = 4.25 Lacks (where there is net money received due to profit at a contract level)
Actual Payments done = 4 Lacks (where there is net money paid due to loss at a contract level)
Net profit in Futures = 25 thousand
Options
Total Premium Received = 20 Lacks
Total Premium Paid = 25.5 Lacks
Actual Payments Received = 50 thousand (where there is net money received due to profit at a contract level)
Actual Payments done = 6 Lacks (where there is net money paid due to loss at a contract level)
Net Loss in Option trading = 5.5 Lacks
Since in F&0 only difference is paid or received and no actual delivery taking place,
Is Gross receipt = 4.25 Lacks + 50 thousand ?
Also, no Tax Audit or books required right as per 44AB/44AA?
Thank You in advance. Looking forward to your kind responses.
CAclubindia
