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Speculative gain short term loss

Aaaaaa (student) (186 Points)

07 August 2017

Had speculative gain in intraday and loss in short term delivery How to show in itr and what is tax treatment for the same

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10 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160919 Points)
Replied 07 August 2017

Declare speculative gains under PGBP and STCL under CG and carry forward the loss.

Aaaaaa (student) (186 Points)
Replied 07 August 2017

sir i failed to file itr so will i be allowed to carryforward loss and

yash.bafna (yashhbafna@gmail.com) (28 Points)
Replied 07 August 2017

no, as per section 139, to carryforward any loss,,return of income should be filed within due date

Studentsca (CA Practice ) (3577 Points)
Replied 07 August 2017

No carry forward of losses is allowed if return not filed within the due date.

Aaaaaa (student) (186 Points)
Replied 07 August 2017

Is tax audit required for short term capital loss

yash.bafna (yashhbafna@gmail.com) (28 Points)
Replied 07 August 2017

tax audit is required only if an Assesse has pgbp income

Studentsca (CA Practice ) (3577 Points)
Replied 07 August 2017

Tax audit is required only if turnover/gross receipts exceeds Rs. 1 Cr/ 50 Lakhs in case of business/profession respectively, if assessee does not opt for presumptive taxation.

If assessee opts for it then the limits for tax audit are 2Cr and 50 Lakhs respectively.

Aaaaaa (student) (186 Points)
Replied 07 August 2017

In case intraday trading had profit of 9% and in short term delivery trade had loss so no tax audit required or even short term buying sell tax audit required