Maintaining books for Options trading?

[IKAR]

I am planning to start trading options. However I am daunted by the books to maintain. Other than Buy and Sell, there needs to be Index Options premium account, Stock Options Premium account and Margin account for both. Are yo members maintaining all these books? Is there any software available for this?

Also I heard that if turnover is less than 25 lakhs there is no need to maintain books of accounts if profit greater than 6% (electronic mode). is this correct?

 

[canikhil]

there is not much to worry about accounting part of this trade. You can just let the accounting to be the year end activity. Just keep receipts for relevant expenses such as internet charges, subscriptions etc handy.

With regards to the presumptive taxation, you need to consider the possibility of actually making losses. In such a case presumptive taxation may not help you that much.

 

[Mishra_86]

According to me, maintaining books for options trading involves meticulously recording trades, positions, strategies, profit and loss, implied volatility, and other relevant data to track performance and inform future decisions.