Question ID : 41137

income tax on derivative income(future & Options)

my client earned a profit of Rs 90 lakhs from Derivate section on a turnover of 210 lakhs (turnover arrived considering sum of positives and negatives in trade). whether this to be considered as speculative or normal business. if treated as normal business whether can we opt for presumptive taxation and arrive at a profit of 6% on 210 lakhs.

posted by madhav rao on Sep 8 2021 12:00AM