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| Discuss taxable income-salary and derivatives trading. at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; I am a retired person. I have received salary arrears from my ex-employer. I also ... |
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#1
5th July 2008, 08:56 AM
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taxable income-salary and derivatives trading.
I am a retired person. I have received salary arrears from my ex-employer. I also earned fro LIC varistha bhima yojana and SBI senior citizens savings scheme. But I have incurred losses in NSE futures trading.
1)While arriving at taxable income can all this be combined? If combined I have net loss. 2)I heard that if turnover in derivatives trading is more than 40 lakhs, then book of accounts need to be audited. What constitutes turnover? 3)Whether book of accounts needs to be maintained physically or can it be maintained electronically in PC. 4)Is it necessary to maintain book of accounts as per some format or I can use any format? 
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#2
9th July 2008, 06:50 PM
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Re: taxable income-salary and derivatives trading.
I have the same query as above post. Additionally, it would be of great help if someone clarifies in which colum the losses in F&O should be put in ITR_4.
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#3
16th July 2008, 05:31 PM
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Re: taxable income-salary and derivatives trading.
Quote:
2. Turnover = Net profit/ Net Loss. 3. Can be maintained in either form. 4. No format is prescribed. You should maintain your books of accounts in such a manner as would assist the ITO in understanding your business transactions fairly.
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#4
16th July 2008, 05:32 PM
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Re: taxable income-salary and derivatives trading.
Quote:
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