30 October 2015
F&O loss is non specualtive loss as per 43(5), so can it be adjusted against profession income, i guess yes but the trap is sec 44AD, where sec 44AD is not applicable to professionals...so that means i cant adjust the F&O loss in profession income ,,hence i have to report 8% of the turnover of F&O,,and F&O loss will be ignored is it correct? What if i have HP income does that change my stance
eg: HP income 1,00,000 F&O loss 90,000 turnover 2,60,000 Profession income 3,00,000
Hence according to me Total income would be HP 1,00,000 F&O 44AD 8% 20800 (loss of 90000 to be ignored) profession income 3,00,000
30 October 2015
What if i also have a loss of intra-day in cash segment say suppose 50000, then also 44AD is applicable ? and if yes then turnover definition is same as F&O or different.?
CAclubindia
