MSME Certified GST Live Weekend Batch to commence from 20th February 2022. Limited Seats. Register Now!!

taskopad

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

FnO Losses Vs FD Interest Income

This query is : Resolved 

16 October 2021 I have few questions with respect to how FnO losses can be reported in income tax returns filling

- I have FnO losses as well as some interest income for this FY. I am a salaried person and as far as I understand, I can't offset FnO losses against salary income. But, is it allowed to offset FnO losses against the FD interest income?

- Since I have FnO losses, I have read in few forums that I have to do some tax audit before filling the return. Is the tax audit mandatory in case of FnO losses before filling returns? I do not have high turnover in FnO and is less than 6Lakhs, whereas my salary income is around 16Lakhs

- And finally, I have never done tax filling for FnO before. So can someone recommend me any DIY articles on this or videos that I can refer on how to file FnO tax returns.

16 October 2021 No need for tax audit.
Set off the f and o loss against interest income.

16 October 2021 Thank you for your response. Can you recommend me some DIY article on how to file FnO losses? I have seen some articles stating that I have to prepare some balance sheet and profit/loss statement for the same.

I file my returns every year but I have never done FnO filling before.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


Similar Resolved Queries


loading





expand_less