Incometax treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2012
MY BUSINESS INCOME IS RS. 158448/- SPECULATION PROFIT RS. 5857/- SHORT TERM LOSS RS.18220/- HOW TO CALCULATE THE TAX FOR THE AY.2011-12?
03 October 2012
1. Speculation profit is taxable under the head Income from Business.
2. Short term capital loss is NOT allowed to be set off against income under any other head. The loss shall be carried forward.
3. Total income shall be Rs. 1,64,305. Assuming you are an individual, the tax liability is NIL.
The loss of Rs. 18,220/- shall be carried forward.
2. Short term capital loss is NOT allowed to be set off against income under any other head. The loss shall be carried forward.
3. Total income shall be Rs. 1,64,305. Assuming you are an individual, the tax liability is NIL.
The loss of Rs. 18,220/- shall be carried forward.
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