F&O loss set off against business income
This query is : Resolved
vinod kumawat
(Querist)
22 August 2018
One of my client having retail textile turnover 1620000 nd book profit 360050 and mcx commodity trading turnover 189400 nd book loss 115000 rs rental income also 120000 can I set off losses against business income and file itr 4 under 44ad ??
CA R SEETHARAMAN
(Expert)
23 August 2018
No, 44AD has to be opted on combined turnover. Opt for 44AD including turnover of commodity trading.
vinod kumawat
(Querist)
23 August 2018
loss can be set off against other business profit and itr -3 will be applicable (non disclosed bal sheet and p&l a/c ) am i right na?
CA R SEETHARAMAN
(Expert)
23 August 2018
Not right 44AD has to be opt for all business.
vinod kumawat
(Querist)
23 August 2018
Than itr 4 will be applicable
CA R SEETHARAMAN
(Expert)
23 August 2018
Yes file ITR 4.........
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