Future and option
This query is : Resolved
27 June 2017
dear sir,
my taxable income is below 250000 but i have huge trading in future and option with loss
do i file it return or their is any penalty for not filer?
advance thanks
my taxable income is below 250000 but i have huge trading in future and option with loss
do i file it return or their is any penalty for not filer?
advance thanks
27 June 2017
Trading in F&O cover under the head " Income from Business or Profession". In case of loss/ no taxable income filing of IT return is not mandatory, however if you want to carry forward loss to next year to be set off against taxable income, then filing of IT return before due date is mandatory.
28 June 2017
More over, if the absolute value of profit and loss exceeds Rs. 1 Crore tax audit is also required.
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