f&0
Question
- If one income is only from F&O and do daily trade , will he be eligible for all the tax exemptions like 80 c, NPS and other tax benefits?
- If one is only dealing in daily F&O, will he have to do audit? If yes when?
- If one is dealing only in F&0 then does he has to pay advance tax?
solved
4
Taxations
5 years
1 Answer
1023 views
-5
Answer ( 1 )
Yes you can benefit from 80 C deduction against income from F & O.
The audit is required if turnover exceeds a specific limit of Rs 5 Crore or business losses where income is less than 6% of turnover.
Advance tax is 15% by 15th June, 45% by 15Th Sep 75% by December 15Th December, and 100% by 15th March. There is no exclusion from advance tax for F & O