Can i adjust my loss to income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

10 April 2017 Dear Tax Experts

I have a doubt in income tax please clarify me

I'm working as accountant my compensation is monthly 25000 and also I'm trading in stock market, last year i got some loss can carry that losses to last year income?

I have knowledge about fill it form and returns can i do this or required CA people signature ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 April 2017 You can't adjust the loss against salary income carry over the loss for adjustment against such trading Income. Tax audit from CA required if your share trading turnover exceed one crore.

CA. Amit G. Chandani

CA. Amit G. Chandani (Expert)
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10 April 2017 You need to carry forward that loss and it can be set off only from profit of shares in next years.
CA signature is not required in filing your ITR.

Querist : Anonymous

Querist : Anonymous (Querist)

10 April 2017 Thanks you both
@seetharam sir ok I'm trading in intraday equity segment, Here cash exposure available. Ex if i have 10000 pure cash broker will give 10EX ( 10 time cash exposure ) Here exposure also consider turn over or pure cash only consider...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 April 2017 Here the turnover is not margin money or exposure. It's only sum of gain or loss incurred is considered as turnover.

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2017 Thank you for shared above information

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