TAX LAIBILIY ON F AND O , INTRADAY TRADING

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If an assesse has profit in currency derivative and losses in future and option or intraday trading ..whether such profit and loss consider in capital gain ,or business income and speculation income. as well as assesse has filled his return after due date so losses can be set off against the profit in currency derivative

AI Summary

Tax treatment of derivative and intraday transactions: determine classification as business income, capital gain or speculation and set off limits. Whether profits from currency derivative transactions and losses from futures, options or intraday trades are to be treated as business income, capital gains or speculation income, and whether losses from those trades can be set off against currency derivative profits when the taxpayer has filed the return after the due date.