How to claim derivatives loss while filing income tax return

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Vawesh (Querist)
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27 May 2015 If a person has an following profit & losses thn hw to fill it in d return Income under d head HP - Rs. 6,00,000 (after 30% Standard Deduction) Income under d head Business - Business 1 - Rs 47,000 (Turnover 4,20,000) Business 2 - Rs (-)1,00,000 (derivative business loss in shares) As per Income Tax loss on derivative trading cn be set off from business income + any other head f income other than salary. In d above case taxable income would be Rs. 5,47,000 (6,00,000 + 47,000 - 1,00,000) Now my query is that how to fill d business income part in ITR 4 & is it required to do Audit in d above case??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 May 2015 audit is required in this case.

you file ITR4 as you do in any other case. prepare the balance sheet and profit & loss account as you may do for any other case.

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