Is option trader required current bank account if trunover is above 20 lac

Income Tax Income from Business or Profession
1

for option trader which account is best saving or current bank account

2

Hey @Abhay_Nain,

Income from options trading is considered business income. Hence, it is better to have a current account.

3

Yes, option traders need a current bank account if their turnover exceeds 20 lakhs. This is a regulatory requirement for tracking transactions and ensuring tax compliance.

4

Yes, option traders with a turnover exceeding 20 lakh should have a current bank account. This aligns with best practices for managing business income, facilitates smooth financial transactions, and maintains agreement with tax regulations.