Comment on Taxation for Traders - Introduction
commented on
30 Apr 2015, 01:45 PM
Very surprising that your CA said this. From assessment year (AY) 2006-07 (financial year 2005-06), transactions in derivatives are not considered as speculative transaction – Section 43 (5) of Income Tax (IT) Act, 1961. You have to consider this as a business, and income from derivatives can’t be considered as capital gain.
Most CA’s don’t have experience filing returns for people who trade derivatives, so best to consult someone who does.