Future and Options Income Tax Rules || Audit Rules || Turnover Calculation and Tax Rate on F&O
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- เผยแพร่เมื่อ 10 ก.ย. 2024
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Future and Options Income Tax Rules || Audit Rules || Turnover Calculation and Tax Rate on F&O
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#incometaxrules
Auditing rules for futures and options trading can vary depending on the regulatory framework of the specific jurisdiction. However, I can provide you with a general overview of the key audit rules that are often applicable to futures and options trading. Keep in mind that these rules may change over time, so it's important to consult the relevant regulatory authorities or seek professional advice for the most up-to-date information. Here are some common audit rules for futures and options:
Segregation of Client Funds: Brokers and clearing members are typically required to maintain strict segregation of client funds from their own funds. This ensures that client funds are protected and can be readily returned in the event of the broker's insolvency.
Capital Adequacy Requirements: Brokers and clearing members are usually required to maintain a certain level of capital to ensure they have sufficient financial resources to meet their obligations to clients. These requirements are designed to safeguard the financial stability of the firms involved in futures and options trading.
Compliance with Trading Regulations: Auditors will assess whether the firm has followed all relevant trading regulations, including order handling procedures, trade execution rules, and risk management protocols. This ensures that the firm operates within the boundaries set by the regulatory authorities.
Record Keeping: Accurate and detailed record-keeping is essential in futures and options trading. Auditors will review the firm's record-keeping practices to ensure compliance with regulations. This includes maintaining records of client transactions, trade confirmations, account statements, and other relevant documentation.
Risk Management and Internal Controls: Auditors will evaluate the firm's risk management policies and internal control systems. This includes assessing the effectiveness of risk assessment processes, monitoring and reporting mechanisms, and the implementation of appropriate controls to mitigate operational and financial risks.
Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations: Firms engaged in futures and options trading are typically required to comply with AML and KYC regulations. Auditors will review the firm's procedures for customer identification, due diligence, and reporting of suspicious transactions to ensure compliance with these regulations.
Market Surveillance: Auditors may examine the firm's systems and processes for monitoring and detecting market abuse, such as insider trading or market manipulation. This helps ensure the integrity and fairness of the futures and options markets.
Income Tax Act
Taxable Income
Capital Gains
Tax Rates
Derivatives Trading
Futures Contracts
Options Contracts
Speculative Transactions
Hedging Transactions
Tax Treatment
Reporting Requirements
Tax Deductions
Loss Carryforward
Mark-to-Market Accounting
Short-term Capital Gains
Long-term Capital Gains
Tax Withholding
Tax Credits
Tax Planning
How to File ITR 3 for Intraday trading
How to File ITR 3 for F&O Loss
how to file f&o income tax return
intraday income tax return
intraday income tax calculator
intraday trading income tax filing
intraday loss income tax
intraday profit income tax
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This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end
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Agar partner ship firm mesa f&o trading kare to uska income tax rules or rate kiya h.?
Excellent, even no IT expert will never explain like this.
Glad you liked it!
Sir dil se 1 baat kah raha hu maine pahli baar kisi ki video like ki hai because is topic k regarding itna simple kisi ne nahi samjhaya, so thankyou so much sir❤ I am also pursuing CA❤
Glad to hear
Thank you
And wish you best of luck for all your future endeavours ♥️
😊a❤
In case of loss where turnover in f&o is less than one year; whether book of account is required to be audited so that the loss can becarry forward nd same could be set of in next financial years
@@harmindersingh2417praise him to get reply
Simple Explanation of a Complex Subject.....Your efforts are highly appreciated🎉
Glad to hear
Thank you 😊
Superb.. you are the only youtuber who explained everything in F&O so perfectly within 15 mins . Thanks
Glad to hear
Thank you
@@CASumitSharma
Sir Mai agar apni wife k nam se account open kr ke trading krta hu Jo ki house wife hai aur Mera profit 2.5 lakh tk hai to kya mujhe tax pay krne hoga
Pls reply sir
Kya ITR filing compulsory hai
Better to file ITR
To justify all bank transaction
Maan gye guru kya explanation diya hai salute hai
Thank you ji
Sir, thank you very much for helping me so much, you are great, you cleared all my doubts.
Glad to hear
Thank you
Best wishes for all of you future endeavours
@@CASumitSharma ❤️💕
Very well explained sir ji
If I would have asked CA how to calculate F&O transactions tax , he would have changed me more than Rs. 3 to 4 thousand.
Great
One of the best videos on FnO taxation. Jai Hind
Glad to hear
Thank you
Thank you Sumit ji. Brief but with complete substance.
Glad to hear
Thank you
Best lecturer i have seen .owe you sir 🙏
Glad to hear
Thank you
Hi CA Sumit, just 1 question:
Salary income 6lacs
Turnover from FNO 36000
Profit from FNO 9000
A) Is tax audit necessary?
B) BOA necessary under 44AA?
No question of 44 AD
I think both is not...pls stafe
Complete knowledge mil gaya sir. Very informative 👏
Thanks and welcome
Thank you very much for your detailed input on TAX against shares.❤
Glad to hear
Thank you
Accha btaya.. 👍 clearity se Thanks
Happy to help
Superb Explanation ❤ All Details Covered. Thank You 🙏
Glad you liked it
Thank u for u r efforts in educating us God blessu
So nice of you
Thankyou so much for making this video.. Very well explained. I was looking for this information but couldn't find any video on youtube, finally today this video popped up and all my doubts are clear. Thanks a ton....
Glad to hear
Thank you
Wonderful information on ITax related to stock trading.Many tax consultants are not clear on this.
Great information..
You are most welcome
Very informative video, sir plz F&O case mai agar hum book of accounts maintain karay to us case mai capital kaisay mention karna hota hai hai balance sheet mai, plz explain wo capital ka amount kaisay nikalay .
Sari assets lelo phle
Round figure me capital lelo
Great explanation . ❤ Plz make a video on Salary + option + capital gain / loss trading.
Very soon
Excellent, very informative info for traders
Glad to hear
Thank you 😊
Very nice information and explained in details about f&o, intraday, ltcg, etc .thanks for your good efforts 👌
Happy to help
Sir I request you, to prepare a detailed video on balance sheet for option trading only for itr3.
Salaried person + future n option income k liye itr ka kaunsa form fill kare.. Itr I ya fir itr3
Your explanation is superb
Glad to hear
Thank you
Well Explained hence Subscribed. Worth hearing for 14 Minutes. Well done.
Glad to hear
Thanks 🙏
And best wishes
Thanks for this wonderful knowledge
Thanks and welcome
Sir I have STCG and LTCG and loss from Intraday and loss from option, So I want to know during making balance sheet which portion of capital taken as capital, bcz I have invested in stcg and ltcg also, So we take capital for only used in intraday and option or take all capital used in share market including stcg and ltcg and intraday and option. Also I want to know the calculation method of capital of intraday and fnO?
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@@CASumitSharma how I check
Thank you sir for valuable information.Jai Hind sir
🙏🙏
Simple and complete explanation sir❤
Glad you liked it
Bohot ache se smjhaye sir 👍
Thanks 😊
Best video Sir Ji
Thank you 😊
Sir really really best explain
Thank you
Bhot bhidiya video bhiya.. like nd subscribe karne k liye majubr ho gaye♥️👌
Glad to hear
Thank you 😊
Sir, You are very Kind, Quick Answer, Bring Video on stock market. Thanks. I will call you saturday
Thank you
@@CASumitSharma well come Sir
Great information sir
Thank you
Very nice explaination Sir…..thnx
Most welcome
Last year, I came to know that to claim F& O losses we have to get the tax audit done mandatorily, but I feel as per your Tax audit depends upon Turnover. Please guide me, if I want to claim loss and file ITR 3, should I go for tax audit, my turnover is less than 2 cr.
Thanks for explaining in a crisp way.
Audit not required
@@CASumitSharma Thanks for your reply. Filed ITR in 44AD, now want to claim losses by filing ITR3 under normal books ? Audit required to opt out of 44AD for F&O losses?
Sir a person have losses in F&O above 3 lacs, and as per f n o calculation his turnover is 8 lacs, how can we show it in ITR, PLEASE guide
Thanks for this question ❤, even though I had the same doubt, last time we did the tax audit for claiming loss where in turnover is less than 2 cr, now my doubt cleared
Very SuperB...I was looking for this only...!!! liked. Subscribed and shared...Keep doing such informative videos !!!❤🙏👍
Thanks a ton for your kind words ☺️
Ur explanation is great sir.
Thank you
Thank you
Most welcome
Excellent explanation. Thanks.
Glad it was helpful!
Very good information
Thank you
Thanks a lot... Very nicely explained
You are most welcome
Very good narration. Hats off sir.
Thank you for your kind words ❤️
heartily thank you sir..
For future and options trading tax information...
I will u one request sir. This year anyone changes tax about plz share by video..
Will make a detailed video soon
For the AY 24.25
Thank you for your feedback
Bahut badhiya Se Samajhaya Apne
Thank you 😊
Sir please NIFTy 50 and nifty bank के बारे में जानकारी दें। इस पर भी tax calculation कैसे किया जाता हैं, please suggest AND video बनाइए।
ये video बहुत ही शानदार और ज्ञान वाला था।
प्लीज आप आगे भी ऐसे ही जानकारी देते रहें।
धन्यवाद
Sure
Will try
Thank you sir
v.nicely explained. thank u
Happy to hear ☺️
agar 1 saal me 1.5cr ka loss or 2 cr ka profit hua to total turnover hua 3.5 cr is hisab se tax hua approx 1 cr (approx 30% of 3.5 cr acc. to ITR 3) or profit hua sirf 0.5 cr (2cr-1.5 cr) to baki ka 0.5 cr kya pocket se dena pdega. i am confused?
Tax is need to pay on net profit only
EXCELLENT
Thank you Sharma ji
Very fruitful video
Thank you
Great Information Sir g
Thank you
@@CASumitSharma Sir aap kis city se hai...
Sri Ganganagar Rajasthan
Superb explanation sir .
Thank you dear 😊
Hello sir ji,
For house wife, there is income from "Delivery" Share market (both STCG & LTCG) also interest income from FD.
Which ITR to be filled?
ITR1 or 2 or 3 or 4?
Plz make a detailed video on this 🙏
ITR 2
Video already uploaded
@CASumitSharma I will try to find the video on your channel.
But if u cloud share the direct link here would be much appreciated
Thank you
Excellent sir
Many many thanks
U r great Thanks....
Most welcome
F&O only for 2 days purchase koya . 900 Profit 100 Loss .
muje kiya Tax dena hoga ?
kitna ammount profit and Loss tak Tax Free hain please discuss.
Upto 7 lakh income tax free
In new tax regime
bahut badhiya sir....shukriya
Thanks 😊
Nice information. Can u please clarify tax audit in case of intra day trading. I am a pensioner having pension income of 7 lac p.a and liable to pay taxes. I have intraday trading losses of 20,000. Turnover is around 7.50 lac. Should I go for tax audit? Please reply
Thanks to the video😊
Welcome 😊
Thanx sir
Most welcome
Plz Contact number sir
Fantastic Video
Thank you very much!
Very informative 👍
Glad you think so!
Thank you very much sir
So nice of you
Thank you for the video
You're welcome
Great #Helpful #Amazing #Content 🙏
Glad to hear
Thank you
Very good explanation great knowledge 👍🏼
Glad it was helpful!
1 cr profite par kitna tax lagega or nhi de to kya hoga
Sir, What kind of bank account required for Future and option trader saving or current ?
Better to use current
Otherwise saving is okey
Very nice video sir
Thanks and welcome
Mera savaal keval itna hai ki agar mera F&O me 10 lacs ka loss ho jata hai to turnover par tax to nahi dena ?
No
Hamara jaisha jo log trade karta 30-40 hazar sa... Unka to turnover 15 sa 20 lak ata hay approx or profit may rahata ha to sirf 50 -70 hazar...to hum jaisha ko kya audit ya tax kuch korna hoga!!!?
No
Sir me aaj hi aapke channel se juda hu.🎉🎉
Thank you 🙏
Lajwab information sir 🎉🎉, 👍👍
Thanks 😊
Sir
F&O turnover is 21lac
F&O loss is 6.5 lac
There is no need of tax audit but
What about books of accounts, kya books maintain krni pdegi ?
Yes
Great work for sharing the knowledge. What to do with the open position on F&O as of 31 Mar 2023? Let's say I sold a few options on 31 March 23, and they are not squared off and carried over to the next FY. Do I have to take the open positions into the turnover calculation? What about the premium received and unrealised profits on open positions? Can you please clear up my doubt?
No need to take them in turnover calculation
You can show them in investment under current assets head in balance sheet
If someone have only this options trading income then also he has to follow this tax slab or this will cover exemption limit of income of an individual.
Great video. Good job.
Thanks 😊
Good Information 💯💯💯💯💯
Thank you 🙏
Sir g mere ko 2023-24 me 55000 options me lose hua hai aur short term me 60000 ka profit hua hai mere ko tax kitna bharna padega
0
Nice explanation 🎉🎉
Thank you 😊
Sir, my option turnover =8.69 lac hai, option loss=3 lac hai 1-4-2022-31-3-2023 tak
Ab main esko business income 580000/- se set off kar sakta hoon...Mera ca kahta hai eska audit karwana padega... please 🙏🙏🙏 guide me sir
Thank you
Most welcome
Sahi me. Excellent explanation.
Sir, Main student pichhle saal se trading f&o kr rha hun abhi p&l me mera 1.20 lakh ka loss hai to kya mujhe v tax Deni hogi
No tax
No ITR
@@CASumitSharmaThanks for your attention
Sir suppose if turnover doesnot exceed 1 crore and their is loss in f&o trading, than also audit is compulsory ?
Not mandatory
If loss in short term and profit in long term, can it be sett off
Fabulous Job sir ❤❤
Thank you 😊
Salaried employee trading karta ho, uska itr filled video banayiye...
Trading in intraday or stcg ltcg?
Hi Sir, Ek question tha, Agar maine AY 2023-2024 mein F&O kiya hai aur maine ITR old regime mein file kardi aur phir AY 2024-2025 mein maine F&O nahi kiya to kya mein ab bhi apni Income tax ki regime ko change nahi kar sakta, Thanks in advance.
Yes
Sir agar mera net loss 1lakh se kam h to mujhe ITR file banani padegi kya
Better to file ITR
@@CASumitSharma sorry sir loss nhi net profit 1lakh se Kam h to bhi ITR file krna padega
Thank you sir
Welcome
Thank you so much ❤❤❤❤❤
You're welcome 😊
Derivatives
Total Sales =20c
Total Purchase=20.55cr
Loss = 0.55cr
How much Turnover ?
Tax audit applicable ?
ITR ?
Please add all profit and losss
That will be your turnover
Audit depend upon turnover
If i have profit of 2cr in fno , do i have to pay surcharge, educational cess etc, for eg. I claim no deductions and after claiming brokerege charge etc, it comes 2 cr approx. How much tax i have to pay,
As per slab rates
Sir I’m doing option trading, should I maintain books of account manually……? Or broker’s details are sufficient to taxtation
Broker's report along with some expenses which you want to claim in itr
SIR..IF LOSS OCCURRED AND TURNOVER MORETHAN ONE CRORE THEN IS IT MANDATARY TO DO TAX AUDIT...
No
I have 1question sir if turnover is less than 10 crore so it is mandatory to show profit more than 8 % in partnership ship
Sir please reply
Mera crypto ka annual tax rs.8 bnta hai
Aur tax pay krne ka kharcha rs 8 se kahi jyada hoga
Sir mujhe tax pay krna hoga ya next time add ho jayega
Please sir guide me what should I do?
Thanks for sharing!
Can you please confirm if I am having an income from freelancing which I file under presemptive income tax but this year have some losses in F&O which I want to set off against my presemptive freelancing income. How can I set off those F&O losses without having any tax audit?
sir, i have a question, if someone made a profit of 2 lac in f&o and his salary is 5 lac, so according to his salary he wont be liable for any tax as per new tax regime(7 lac under 0 tax), so if the tax rate in f&o income is based on tax slab rate, does it mean he wont be liable for any tax for those 2 lacs of f&o income also?
Tax audit depend upon turnover not on profit
And 7 lakh limit is from AY 24.25