27 May 2015
If a person has an following profit & losses thn hw to fill it in d return
Income under d head HP -
Rs. 6,00,000 (after 30% Standard Deduction)
Income under d head Business -
Business 1 - Rs 47,000 (Turnover 4,20,000)
Business 2 - Rs (-)1,00,000 (derivative business loss in shares)
As per Income Tax loss on derivative trading cn be set off from business income + any other head f income other than salary. In d above case taxable income would be Rs. 5,47,000 (6,00,000 + 47,000 - 1,00,000)
Now my query is that how to fill d business income part in ITR 4 & is it required to do Audit in d above case??
CAclubindia
