The fair market value of the shares= (i) as may be determined in accordance with such method as may be prescribed, or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares
Brief procedure for receiving Form 16A from TIN website: 1. Login to TAN Registration Account with user id, password and TAN. 2. Request Form 16A by carrying out verification by providing details of challan and deductees present in the TDS statement for which Form 16A is requested. 3. Form 16A will be provided on successful verification. 4. Two attempts within a day for successful verification are provided. 5. On successful verification, request number is generated and text file containing Form 16A details is e-mailed within 48 hours at the e-mail ID present in the registered TAN account.
Since, there is no transfer or delivery of the underlying asset in case of futures, the income or loss from it cannot be taxed under the head “capital gains. Therefore, depending upon the fact whether the assessee is a trader or an investor, the head of income — that is, income from business and profession or income from other sources (IFOS) — will be determined, but in either case the income will be taxed on net basis at the rates of tax applicable to the assessee.
