BUSINESS INCOME AFTER F&O BUSINESS LOSS
This query is : Resolved
14 October 2020
Company is having services business and F&O business. In past, sometime F&O business income exceeds services business income or sometimes f&O business happens loss. In FY 2019-20, company suffered F&O business huge loss and on the other side company also made good turnover in services business income and made resultant positive net profit. Becoz of the good services turnover, company is liable to pay income tax on service income and f&o business loss cannot be set off. It happens on many occasion in past that company made F&O business loss and the same was carried forward for set off and pay tax on net business profit where F&O business profit is more than services business income.
Please advice whether becoz of huge loss in F&O business will be treated as speculative loss instead of business loss and good turnover of service business income.
Thanks in advance.
Please advice whether becoz of huge loss in F&O business will be treated as speculative loss instead of business loss and good turnover of service business income.
Thanks in advance.
22 November 2020
please read section 43(5) of the income-tax act.
22 November 2020
What treatment should be done in aforesaid case In the light of section 43(5). Please help it out.
31 October 2021
F&O business is not speculative business, but non-speculative business. & hence profit & loss from such business can be adjusted with other PGBP income.
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