Future and Options Income Tax Rules || Audit Rules || Turnover Calculation and Tax Rate on F&O
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- čas přidán 28. 08. 2024
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Future and Options Income Tax Rules || Audit Rules || Turnover Calculation and Tax Rate on F&O
#futureandoption
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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
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Derivatives Trading
Futures Contracts
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Tax Treatment
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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.?
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
Excellent, even no IT expert will never explain like this.
Glad you liked it!
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
Thank you Sumit ji. Brief but with complete substance.
Glad to hear
Thank you
Complete knowledge mil gaya sir. Very informative 👏
Thanks and welcome
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
Thank you very much for your detailed input on TAX against shares.❤
Glad to hear
Thank you
One of the best videos on FnO taxation. Jai Hind
Glad to hear
Thank you
Best lecturer i have seen .owe you sir 🙏
Glad to hear
Thank you
Excellent, very informative info for traders
Glad to hear
Thank you 😊
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 ❤️💕
Superb Explanation ❤ All Details Covered. Thank You 🙏
Glad you liked it
Wonderful information on ITax related to stock trading.Many tax consultants are not clear on this.
Great information..
You are most welcome
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
Accha btaya.. 👍 clearity se Thanks
Happy to help
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.
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
Thanks for this wonderful knowledge
Thanks and welcome
Bhot bhidiya video bhiya.. like nd subscribe karne k liye majubr ho gaye♥️👌
Glad to hear
Thank you 😊
Thank u for u r efforts in educating us God blessu
So nice of you
Very SuperB...I was looking for this only...!!! liked. Subscribed and shared...Keep doing such informative videos !!!❤🙏👍
Thanks a ton for your kind words ☺️
Great explanation . ❤ Plz make a video on Salary + option + capital gain / loss trading.
Very soon
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
Very nice explaination Sir…..thnx
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
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
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
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
Salaried person + future n option income k liye itr ka kaunsa form fill kare.. Itr I ya fir itr3
Very good information
Thank you
Simple and complete explanation sir❤
Glad you liked it
Very good narration. Hats off sir.
Thank you for your kind words ❤️
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?
Replied on WhatsApp
@@CASumitSharma how I check
v.nicely explained. thank u
Happy to hear ☺️
Thank you sir for valuable information.Jai Hind sir
🙏🙏
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
Sir really really best explain
Thank you
Bohot ache se smjhaye sir 👍
Thanks 😊
Best video Sir Ji
Thank you 😊
Ur explanation is great sir.
Thank you
Excellent explanation. Thanks.
Glad it was helpful!
Very fruitful video
Thank you
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
Great Information Sir g
Thank you
@@CASumitSharma Sir aap kis city se hai...
Sri Ganganagar Rajasthan
Bahut badhiya Se Samajhaya Apne
Thank you 😊
Very good explanation great knowledge 👍🏼
Glad it was helpful!
Thanks a lot... Very nicely explained
You are most welcome
Sir example ke sath explain kijiye.
Step by step procedure by filling up ITR form those who have F& O accounts and transactions.
Video already uploaded
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
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.
Superb explanation sir .
Thank you dear 😊
Sir me aaj hi aapke channel se juda hu.🎉🎉
Thank you 🙏
Great #Helpful #Amazing #Content 🙏
Glad to hear
Thank you
Very informative 👍
Glad you think so!
Nice explanation 🎉🎉
Thank you 😊
Very nice video sir
Thanks and 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
Thank you
Most 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
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
Fantastic Video
Thank you very much!
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
Salaried employee trading karta ho, uska itr filled video banayiye...
Trading in intraday or stcg ltcg?
Excellent sir
Many many thanks
Sir, What kind of bank account required for Future and option trader saving or current ?
Better to use current
Otherwise saving is okey
Great video. Good job.
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
Good Information 💯💯💯💯💯
Thank you 🙏
Dear sir, your video is highly appreciable... I have got to know how to calculate turnover in options, but i have a query , if some person has 1 crore turnover in options. Then what will be his profit and how much tax he has to pay.
Profit will be the net plus and minus of each transaction
And tax is to be paid as per slab rates
But as per your video, profit is 6 percent of total turnover, if turnover is one crore, then profit should be 6 six lacs
EXCELLENT
Thank you Sharma ji
Income tax act ya kahi government notification me ye mentioned hai ki derivative Profit ya loss income se adjust kar sakte hai
Thank you for the video
You're welcome
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?
Thanks to the video😊
Welcome 😊
very helpful video
Glad it was helpful
This is a very informative video. One thing i want to ask. Is gst applicable for option trading?
Not applicable
Thank you very much sir
So nice of you
You gave example for salaried and business personal• What about a person who is pensioner + saving & FD interest + doing option trading?
Not much difference
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
itne dino me pure you tube me apne preshani km ki h thenks sir mera 1.5saak ke andar 5 se 6 laakh ka loss hai option trading me to sir mujhe kya audit krana padega ya nai pls sir btaye kuch ho na ange dikkat vali baat
Audit not required
@@CASumitSharma dhanya vad sir apne mere 16000 RS bacha diya ESI halat me you tube pr Tex riletid video dekh kar me Dr gya to c a sir se Mila unhone rti aur audit ka milake 16000 bta ya pese nai hai is liye nai kraya agar hote to shayad kra leta but ab nai krana padega apne thik solution diya thenks sir
1 cr profite par kitna tax lagega or nhi de to kya hoga
Sir suppose if turnover doesnot exceed 1 crore and their is loss in f&o trading, than also audit is compulsory ?
Not mandatory
Hi dear sumit, if our one FY profits and losses are under 5 Lacks (Only FnO) then do we need to file ITR or Tax??
Thanks for the valueable video❤❤
ITR filing mandatory if Income cross 2.5 lakh
No tax upto 7 lakh if you choose new tax regime
Lajwab information sir 🎉🎉, 👍👍
Thanks 😊
bahut badhiya sir....shukriya
Thanks 😊
F&O loss can be adjusted from short/long term gain. If yes pl. Let me thr rule/section. Thaks.
Thanx sir
Most welcome
Plz Contact number sir
Fabulous Job sir ❤❤
Thank you 😊
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
As per one rule if total income is above 2.5 lac snd losses have occured then tax audit is required... Please explain the same
If loss in short term and profit in long term, can it be sett off
Thanks
Very well explaned🎉
New subscriber
My query is
Fno income 260000
Intrest income 20000
Stcg from equity 50000
Now
Tax on stcg 15% is 7500
Tax on Fno + intrest income is (280000) is 1500
Total 9000 (7500+1500)
Which is below 12500 so my income tax is zero.
Is it true
pls reply
Thanks
Yes if Income below 5 lakh then tax is exempt upto 12500
@@CASumitSharma thanks🙏
Silver trading in commodities comes under which category. Could you please clarify.
Thanks😊
Ye CZcams channel mjhe pehle kyun nai mila, sir ek video ITR filing pe banaye na jisme f&0 se income hua ho
ITR 3 start hone do
Fir banayenge
@@CASumitSharma sir book of account bhi banana sikhayega please